Question

In: Finance

1. What is meant by biometric authorization? Give some examples. 2. Why might a central bank...

1. What is meant by biometric authorization? Give some examples.

2. Why might a central bank switch from fiat money to digital money?

All assignments must include at least one full page in APA format with at least two outside references.

Expert Solution

1. Biometric Authorization.

A biometric authorization system provides permission-based access based on biometric traits. The system is made up of two parts – a] Authorization – where the system verifies the person is allowed access into the system, and b] Access Control – where the system determines the level of access that person is granted.

Examples

Fingerprints Scanning,

Facial Recognition,

IRIS,

Palmprint,

Retina,

hand geometry,

voice,

signature and gait.

2. Why might a central bank switch from fiat money to digital money?

Fiat Money

Fiat money is money issued by a government to be legal tender and is not backed by gold or other physical commodities. The value of fiat money is based on the strength and credit of the issuing body, and almost every country today issues fiat currency.

Digital Money.

Digital fiat money exists in every bank transaction or credit card purchase today, this money is still tied to physical fiat currency and thus controlled by governments.

The idea of a central bank digital currency (CBDC) has been under consideration by central banks across the globe ever since cryptocurrencies such as Bitcoin started gaining popularity.

Cryptocurrencies are defying the age-old monopoly of central banks on issuing currency. Threatened with the prospect of digital tokens replacing fiat currency, central banks are now exploring the idea of a central bank-issued digital currency. Put it simply, a CBDC is a digital currency that is backed or guaranteed by a reserve bank that can be used as a means of payment settlement and unit of account.

jeff jeffy answered 2 years ago

What is meant by the term "risk factor"? Give some examples?

1. Describe what is meant by a prior period adjustment, and give 2 examples. 2. List...

1. Describe what is meant by a prior period adjustment, and give 2 examples. 2. List and explain the advantages of a corporation. 3. List and explain the disadvantages of a corporation.

1.Explain what is meant by economies of scale and economies of scope. 2. Give two examples...

1.Explain what is meant by economies of scale and economies of scope. 2. Give two examples of what would cause the short-run average total cost to shift up. Give two examples of what would cause the short-run average total cost to shift down. Draw both scenarios.

What is meant by a “rule of capture”? Why is it efficient? Give three (3) examples,...

What is meant by a “rule of capture”? Why is it efficient? Give three (3) examples, explaining which “rule of capture” applies in each case and whether or not it is efficient or not efficient in each case?

What are some reasons, examples, why some money fails? Give an example.

1. Why some countries grow faster that others? (Give examples if possible) 2. Discuss the factors...

1. Why some countries grow faster that others? (Give examples if possible) 2. Discuss the factors that contribute to economic growth. (Give examples if possible) 3. List and briefly describe the 17 Sustainable Development Goals (SDGs). (Give examples if possible)

2. Explain what is meant by a “productive” project. Then explain why politicians might undertake an...

2. Explain what is meant by a “productive” project. Then explain why politicians might undertake an unproductive project that benefits a small group at the expense of a large group

1. Research: Biometric Authentication Do some research on biometric authentication of check-cashing and other financial transactions....

1. Research: Biometric Authentication Do some research on biometric authentication of check-cashing and other financial transactions. What is biometric authentication? What technologies does it use? How is it being used to authenticate financial transactions? How much does it cost to implement? What are its advantages? Is anyone critical of it? Why? Use the IRAC method to analyze the following case. You Be The Judge: Messing v. Bank of America[1] Facts: Jeff Messing attempted to cash a check for $976 at...

Explain why a central bank might want to intervene in the foreign exchange market to prevent...

Explain why a central bank might want to intervene in the foreign exchange market to prevent excessive appreciation of its currency, even if it previously stated that it will allow its currency to respond to supply and demand conditions in the foreign exchange market.

Why are some people anti-capitalist? What are some negative stereotypes associated with capitalism? Give some examples.