#FactCheck: Viral Video of Chandra Arya Speaking Kannada Unrelated to Canadian PM Nomination

Introduction

In a groundbreaking move, India's Reserve Bank has embarked on a transformative journey with its Central Bank Digital Currency (CBDC) project. As the world grapples with the evolving landscape of digital finance, the implications of India's CBDC initiative extend beyond its borders, potentially reshaping global payment systems. The Union Minister of State for Finance, Shri Pankaj Chaudhary, revealed that on October 7, 2022, the Reserve Bank of India released a proposal note on Central Bank Digital Currency (CBDC). Two pilot projects using blockchain-based technology are described in the concept note: Digital Rupee-Wholesale (e₹-W) and Digital Rupee-Retail (e₹-R). Launched on November 1, 2022, the bulk trading pilot aims to increase intermediary competitiveness, particularly in the resolution of trades in the secondary market involving sovereign debt. In parallel, on December 1, 2022, the retail banking pilot, known as e₹-R, got underway in a limited user group with eight banks taking part in stages.

The digital asset known as e₳-R is issued across financial institutions for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions. It is intended to serve as a virtual currency that represents legal money and exhibits characteristics similar to actual cash. Based on input gathered during the continuing trial phases, the RBI intends to progressively broaden the pilot project's scope.

Central Bank Digital Currency Pilot Projects

Central Bank Digital Currency (CBDC), which the Central Bank of India is promoting, may easily perform an essential part in payments made across borders, according to Reserve Bank Governor Shaktikanta Das. The CBDC is going to be expanded to the international financial markets after being implemented as a trial in both the retail and wholesale industries.

CBDC in International Payments

He emphasized that although physical currency will still exist, the CBDC will eventually replace all forms of money worldwide.  

"CBDC is going to be the future currency of the world and it is necessary that every central bank, every country works on CBDC," he stated. He also stated that as worldwide commerce moves more and more around science and technology, CBDCs will play a significant role since they can effectively and affordably speed up payment processing across different countries. Regarding India's foreign exchange reserves, the governor stated that the selection to increase the resources as a safety net and protection versus contagion possibilities was made consciously.

CBDCs' Place in the Transnational Economic Revolution

In certain economies worldwide, having a CBDC internationally accessible could lead to more replacements for foreign currencies rather than the home currencies, which could cause financial aggregates to become volatile and change the mix of instruments of exchange.

CBDC may have benefits related to first-mover savings of scale, and other consequences even in everyday circumstances. If nations with global currencies have established CBDCs, they could strengthen current advantages and disadvantages, including consequences, particularly in terms of revenue. In a similar vein, CBDC might alter the structure of international liquidity while safeguarding asset supply. Additionally, and particularly if imposed abruptly, CBDC may, in certain circumstances, result in significant capital movements and associated repercussions on the foreign exchange rate as well as additional asset prices. Furthermore, nations may encounter difficulties in getting ready for virtual currencies issued by central banks.

The worldwide and international scope of CBDCs accessible to immigrants may become particularly apparent in situations where there is a widespread flight safety concern. In these circumstances, converting a CBDC into a foreign currency would make it possible for capital markets to deleverage more quickly. The elimination of debt challenges could show up as tight finance constraints and abrupt swings in foreign exchange markets if CBDCS expedited its flight from uncertainty.

Deposits of Foreign Exchange and Self-Dependency

Reserve Bank Governor Shaktikanta Das stated "We must rely on ourselves. We must maintain our robust reserves. In order to achieve that goal, we have been amassing quite substantial reserves, and the outside world has come to feel quite confident that India would be able to fulfil its contractual responsibilities to the international community no matter what the obstacles," 

Involvement of RBI in the Currency Market

Given that the trading community was confident that the Reserve Bank of India would be capable of and able to fulfil its contractual responsibilities, the value of the Indian rupee did not decline as dramatically. The RBI governor stated that the RBI does participate in the economy, but that "our engagement operates in two ways," he would not hesitate to acknowledge this.

The Value of Macroeconomic and Budgetary Cooperation

According to RBI Governor Das, the RBI makes purchases and sales of dollars based on the direction in which the financial sector is trending. However, the RBI does not intend to set a certain level for the rupee because it does not consider any specific threshold for the Indian rupee's conversion rate against the US dollar. He also emphasized how crucial it is for both the financial and monetary authorities to work together.

Conclusion

India's CBDC project signals a transformative shift in the global digital finance landscape. Governor Shaktikanta Das envisions CBDCs as the future global currency, emphasizing their role in international payments. The potential impact on financial systems, cross-border transactions, and the need for self-reliance underscore the significance of India's CBDC initiative in shaping the evolving dynamics of the digital economy. As the project progresses, close cooperation between financial and monetary authorities becomes imperative for navigating the challenges and opportunities associated with this groundbreaking venture.

References

• https://economictimes.indiatimes.com/news/economy/policy/central-bank-digital-currency-can-play-important-role-in-cross-border-payment-rbi-guv/articleshow/104706717.cms
• https://www.bis.org/cpmi/publ/d174.pdf
• https://bfsi.economictimes.indiatimes.com/news/fintech/explained-how-rbi-is-leveraging-upi-to-push-the-use-of-retail-cbdc/103591989
• https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency
• https://www.business-standard.com/economy/news/cbdc-pilot-projects-show-promising-results-rbi-governor-shaktikanta-das-123102601171_1.html

Introduction

In the labyrinthine expanse of the digital age, where the ethereal threads of our connections weave a tapestry of virtual existence, there lies a sinister phenomenon that preys upon the vulnerabilities of human emotion and trust. This phenomenon, known as cyber kidnapping, recently ensnared a 17-year-old Chinese exchange student, Kai Zhuang, in its deceptive grip, leading to an $80,000 extortion from his distraught parents. The chilling narrative of Zhuang found cold and scared in a tent in the Utah wilderness, serves as a stark reminder of the pernicious reach of cybercrime.

The Cyber Kidnapping 

The term 'cyber kidnapping' typically denotes a form of cybercrime where malefactors gain unauthorised access to computer systems or data, holding it hostage for ransom. Yet, in the context of Zhuang's ordeal, it took on a more harrowing dimension—a psychological manipulation through online communication that convinced his family of his peril, despite his physical safety before the scam.

The Incident 

The incident unfolded like a modern-day thriller, with Zhuang's parents in China alerting officials at his host high school in Riverdale, Utah, of his disappearance on 28 December 2023. A meticulous investigation ensued, tracing bank records, purchases, and phone data, leading authorities to Zhuang's isolated encampment, 25 miles north of Brigham City. In the frigid embrace of Utah's winter, Zhuang awaited rescue, armed only with a heat blanket, a sleeping bag, limited provisions, and the very phones used to orchestrate his cyber kidnapping.

Upon his rescue, Zhuang's first requests were poignantly human—a warm cheeseburger and a conversation with his family, who had been manipulated into paying the hefty ransom during the cyber-kidnapping scam. This incident not only highlights the emotional toll of such crimes but also the urgent need for awareness and preventative measures.

The Aftermath

To navigate the treacherous waters of cyber threats, one must adopt the scepticism of a seasoned detective when confronted with unsolicited messages that reek of urgency or threat. The verification of identities becomes a crucial shield, a bulwark against deception. Sharing sensitive information online is akin to casting pearls before swine, where once relinquished, control is lost forever. Privacy settings on social media are the ramparts that must be fortified, and the education of family and friends becomes a communal armour against the onslaught of cyber threats.

The Chinese embassy in Washington has sounded the alarm, warning its citizens in the U.S. about the risks of 'virtual kidnapping' and other online frauds. This scam fragments a larger criminal mosaic that threatens to ensnare parents worldwide.

Kai Zhuang's story, while unique in its details, is not an isolated event. Experts warn that technological advancements have made it easier for criminals to pursue cyber kidnapping schemes. The impersonation of loved ones' voices using artificial intelligence, the mining of social media for personal data, and the spoofing of phone numbers are all tools in the cyber kidnapper's arsenal.

The Way Forward

The crimes have evolved, targeting not just the vulnerable but also those who might seem beyond reach, demanding larger ransoms and leaving a trail of psychological devastation in their wake. Cybercrime, as one expert chillingly notes, may well be the most lucrative of crimes, transcending borders, languages, and identities.

In the face of such threats, awareness is the first line of defense. Reporting suspicious activity to the FBI's Internet Crime Complaint Center, verifying the whereabouts of loved ones, and establishing emergency protocols are all steps that can fortify one's digital fortress. Telecommunications companies and law enforcement agencies also have a role to play in authenticating and tracing the source of calls, adding another layer of protection.

Conclusion

The surreal experience of reading about cyber kidnapping belies the very real danger it poses. It is a crime that thrives in the shadows of our interconnected world, a reminder that our digital lives are as vulnerable as our physical ones. As we navigate this complex web, let us arm ourselves with knowledge, vigilance, and the resolve to protect not just our data, but the very essence of our human connections.

References 

• https://www.bbc.com/news/world-us-canada-67869517
• https://www.ndtv.com/feature/what-is-cyber-kidnapping-and-how-it-can-be-avoided-4792135

Introduction

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As the calendar pages turn inexorably towards 2024, a question looms large on the horizon of our collective consciousness: Are we cyber-resilient? This is not a rhetorical flourish but a pragmatic inquiry, as the digital landscape we navigate is fraught with cyberattacks and disruptions that threaten to capsize our virtual vessels.

What, then, is Cyber Resilience? It is the capacity to prepare for, respond to, and recover from these cyber squalls. Picture, if you will, a venerable oak amid a howling gale. The roots, those unseen sinews, delve deep into the earth, anchoring the tree – this is preparation. The robust trunk and flexible branches, swaying yet unbroken, embody response. And the new growth that follows the storm's rage is recovery. Cyber resilience is the digital echo of this natural strength and flexibility.

The Need for Resilience

Why, you might ask, is Cyber Resilience of such paramount importance as we approach 2024? The answer lies in the stark reality of our times:

• A staggering half of businesses have been breached by cyberattacks in the past three years.
• The financial haemorrhage from these incursions is projected to exceed a mind-numbing $10 trillion by the end of 2024.
• The relentless march of technology has not only brought innovation but also escalated the arms race against cyber threats.
• Cyber resilience transcends mere cybersecurity; it is a holistic approach that weaves recovery and continuity into the fabric of digital defenses.
• The adaptability of organisations, often through measures such as remote working protocols, is a testament to the evolving strategies of cyber resilience.

• The advent of AI and Machine Learning heralds a new era of automated cyber defense, necessitating an integrated framework that marries security with continuity protocols.
• Societal awareness, particularly of social engineering tactics, and maintaining public relations during crises are now recognised as critical elements of resilience strategies.
• Cyber threats have evolved in sophistication, paralleling the intense competition to develop new AI-driven solutions.
• As we gaze towards the future, cyber resilience is expected to be a prominent trend in both business and consumer technology sectors throughout 2024.

The Virtues 

The benefits of cyber resilience for organisations are manifold, offering a bulwark against the digital onslaught:

• A reduction in the risk of data breaches, safeguarding sensitive information and customer data.
• Business continuity, ensuring operations persist with minimal disruption.
• Protection of reputation, as companies that demonstrate effective cyber resilience engender trust.
• Compliance with data protection and privacy regulations, thus avoiding fines and legal entanglements.
• Financial stability, as the costs associated with breaches can be mitigated or even prevented.
• Enhanced customer trust, as clients feel more secure with companies that take cybersecurity seriously.
• A competitive advantage in a market rife with cyber threats.
• Innovation and agility, as cyber-resilient companies can pivot and adapt without fear of digital disruptions.
• Employee confidence, leading to improved morale and productivity.
• Long-term savings by sidestepping the expenses of frequent or major cyber incidents.

As the year wanes, it is a propitious moment to evaluate your organisation's cyber resilience. In this edition, we will guide you through the labyrinth of cyber investment buy-in, tailored discussions with stakeholders, and the quintessential security tools for your 2024 cybersecurity strategy.

How to be more Resilient 

Cyber resilience is more than a shield; it is the preparedness to withstand and recover from a cyber onslaught. Let us explore the key steps to fortify your digital defenses:

• Know your risks: Map the terrain where you are most vulnerable, identify the treasures that could be plundered, and fortify accordingly.
• Get the technology right: Invest in solutions that not only detect threats with alacrity but also facilitate rapid recovery, all the while staying one step ahead of the cyber brigands.
• Involve your people: Embed cybersecurity awareness into the fabric of every role. Train your crew in the art of recognising and repelling digital dangers.
• Test your strategies: Regularly simulate incidents to stress-test your policies and procedures, honing your ability to contain and neutralise threats.
• Plan for the worst: Develop a playbook so that everyone knows their part in the grand scheme of damage control and communication in the event of a breach.
• Continually review: The digital seas are ever-changing; adjust your sails accordingly. Cyber resilience is not a one-time endeavour but a perpetual commitment.

Conclusion 

As we stand on the precipice of 2024, let us not be daunted by the digital storms that rage on the horizon. Instead, let us embrace the imperative of cyber resilience, for it is our steadfast companion in navigating the treacherous waters of the cyber world. Civil Society Organizations such as ‘CyberPeace Foundation’ playing a crucial role in promoting cyber resilience by bridging the gap between the public and cybersecurity complexities, conducting awareness campaigns, and advocating for robust policies to safeguard collective digital interests. Their active role is imperative in fostering a culture of cyber hygiene and vigilance.

References 

• https://www.loginradius.com/blog/identity/cybersecurity-trends-2024/
• https://ciso.economictimes.indiatimes.com/news/ciso-strategies/cisos-guide-to-2024-top-10-cybersecurity-trends/106293196