Cryptocurrency Fraud , Digital Identity , Fraud Management & Cybercrime

The Case for Central Bank Digital Currencies

Many governments are exploring Central Bank Digital Currencies to reduce costs and expand digital inclusion. Karen Hsu of AppDome discusses the opportunities and challenges for minting digital money.

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One significant advantage of CBDCs is that they can be used to mitigate money laundering, according to Hsu.

”Because of the ability to track, you can reduce money laundering,” she says. “And that's a big benefit because now we can better ensure that unrecorded fees also have been tracked, just to make sure that there are no illegal things being done.”

In a video interview with Information Security Media Group, Hsu discusses:

• The motivation for central banks to develop digital currencies;
• How digital currencies can mitigate fraud and counterfeiting;
• Consumer tolerance for money that is no longer anonymous.

Hsu is CMO of Appdome, a SaaS company providing no-code mobile application security. She founded BlockchainIntel and is now expanding the mission of increasing trust in blockchains as part of Appdome by helping secure mobile applications built for blockchains and other use cases. With over 20 years of experience in technology companies, she is co-inventor of five patents and has worked in a variety of engineering, marketing and sales roles to bring new products to market. Hsu also founded Blockchain by Women to increased diversity and education in the blockchain and digital currency space.