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CBDCs are the future of money, but bank apps are stuck in the past

February 23, 2022

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National digital currencies are gaining momentum. In November 2021, the nine largest banks in Japan announced that they will issue a digital yen this year. Nine countries have already issued central bank digital currencies and 14, including China, have pilots underway. Mexico plans to introduce a CBDC in the next two years, and India plans to pilot its own CBDC early this year.

Given this, CBDCs are clearly the way of the future. But if cryptocurrencies like Bitcoin and Ethereum are any guide, it’s also clear that hardening security — and particularly mobile app security — will be critical if they are to gain widespread acceptance. Because right now, mobile apps are far too insecure.

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