Thank you for this summary. One of the biggest promises of CBDC is to reduce operating costs and to facilitate banking the unbanked. What ApplePay and GooglePay don't change is how expensive it is for banks to operate.

One of the biggest failures of the banking and insurance system is the weight of AML/CFT-KYC on the poor. Banks spend millions in producing monthly reports to the authorities that nobody reads.

The FATF itself said in a report last year that (1) they are successful because more than 90% of banks worldwide apply their recommandations and (2) later they admit that less than 10% of banks have published any significant result.