FinTech Developments in December 2023

This evening, Francesca Aliverti has invited Richard Turrin and Lex Sokolin to join her in order to give unique perspectives on the most recent events in the fintech space and to offer their predictions for its future. Richard is reporting from Shanghai, China, while Lex is based in London. The episode begins by talking about the heightened attention regulators and governments have been placing on the fintech industry, especially during the last part of 2023. The presenters mention the regulatory examination that notorious crypto platforms like FTX, Binance, and Kraken have had to experience, making clear the importance of these occurrences. The host discussed the feelings that the past year had been a death knell for cryptocurrencies. They focused on the key stories of FTX and Binance, and reminded the audience of the distinction between speculative activities, legal matters, and the core of the crypto industry. The guests argued against this idea of crypto's demise, referring to its strength and the ongoing expansion of the market. The dialogue changed to focus on Central Bank Digital Currencies (CBDCs) and the European Central Bank's scheme to introduce a retail CBDC. Richard, an authority in this area, refuted the idea that CBDCs will substitute cryptocurrencies, making clear that they have distinct roles. They discussed the potential influence of CBDCs on the fintech space and the steady advancement of digital payments. Richard went on to outline the similarities and distinctions between the forthcoming digital Euro and China's digital Yuan. The attendees were hopeful about the potential of digital payments, believing it would give users further selections. Moreover, they highlighted the cost of transactions in both the EU and the United States, as this is an influential factor in the uptake of CBDCs. The hosts focus on the expenses associated with standard payment options such as debit and credit cards and bank services. They highlight the improved efficiency and lower costs that CBDCs offer, seeing them as potential solutions to financial system issues. At the end of Breaking Banks Europe Episode 208, the topics of conversation leave listeners with an outlook on the future. Despite any struggles and regulations, the realm of fintech, such as crypto and CBDCs, remain vigorous and sturdy. This conversation themes the scene for advances in digital payments, bringing chances for renovation and transformation concerning the European fintech sphere. Take a look at the entire podcast by clicking on this link: https://www.youtube.com/watch?v=7wCU7hDoauM&t=35s Andrea De Caro has authored this article. This article was written by Andrea De Caro.

Source: https://medium.com/@breakingbankseurope/news-from-the-fintech-front-december-2023-badf593953d7?source=rss------fintech-5