The Multichain hack has cost users $3 million so far. However, one victim managed to get back most of their money - by talking to the hacker directly. A "white hat" hacker returned about 800k in Ether to a hacking victim. However, the hacker kept $150,000 as a "tip" for keeping the funds safe. The CTO of crypto wallet ZenGo Tal Beery highlighted the conversation between the hacker and his victim on the blockchain. The hacker presented himself as a…
The U.K.’s central bank, the Bank of England (BoE) yesterday officially issued a discussion paper on Central Bank Digital Currency (CBDC). In the 57 page document, the bank outlined a model CBDC. According to the bank, it’s CBDC would be an electronic form of central bank currency designed to store value and facilitate transactions between individuals and businesses.
New Opportunities in Finance
The BoE contends that CBDCs could open several opportunities in finance, including the realisation of a sturdy payments system. Besides they’d provide the building blocks for better international payments in the future. However, BoE acknowledges that CBDCs pose serious challenges and risks as they impact monetary policy and financial stability.
Declining Bank Note Usage
Additionally, The BoE insists that its interest in CBDC was necessitated by the transformations sweeping across the money and payments sectors. The regulator admitted that technological advancements had led to a decline in bank notes usage while propping up privately issued currencies.
Again The BoE recognises that a CBDC would bring about innovation in both the monetary form available to the public, along with the infrastructure anchoring payments.
Currently, The BoE is yet to commit to the adoption of a CBDC. Nevertheless, it holds that if it were to issue one, it would be pegged on the Sterling Pound. Thus, £10 of CBDC would have the same value as a £10 banknote.