A library of snippets
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X CEO Linda Yaccarino confirmed in a blog post yesterday that while X has already secured money-transmitter licenses “in several states,” X is “moving toward launching a global payment system.”
From: Elon Musk wants your “entire financial life” on X by 2024 | Ars Technica.
I’m talking about, like, you won’t need a bank account.”
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The technologies that are loosely grouped under the broad heading of ‘tokenisation’ – cryptography, distributed ledger, atomic settlement, blockchain, fractionalisation and programmability – enable new ways of representing money that allow for greater automation of the transfer of money and the deeper integration of that transfer – the payment – into other processes.
From: Money and payments: a ‘black ships’ moment? – speech by Jon Cunliffe | Bank of England.
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In addition to FATF’s work here, there are a range of other frictions arising from the regulation of banks and non-banks, and a second public-private taskforce is focused on identifying actions to address these.footnote [13]
A more granular recommendation, which takes into account new data standards and technology, will enable more consistent implementation across jurisdictions and enhance both the efficiency and the effectiveness of AML/CFT checks.
From: Money and payments: a ‘black ships’ moment? – speech by Jon Cunliffe | Bank of England.
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Third, we should facilitate and promote interlinking of fast payment systems. There are a range of technological solutions available or in prospect.footnote [11] But the governance and oversight of interlinking arrangements can be a greater challenge than the technology. CPMI is working on a report to the G20 next year on these governance and oversight issues that could serve as a useful reference for payment system owners and overseers, and it published an interim report for comment last week.footnote [12]
From: Money and payments: a ‘black ships’ moment? – speech by Jon Cunliffe | Bank of England.
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How it differs from the UK. The UK required the banks to fund an independent standards body and provide a standard for payment initiation
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DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Chapter X, Part 1010
Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern
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The forecast of how many people will use digital identity wallets by 2029 stands at a colossal 1.5 billion, with approximately 30% of all digital identities stored in a wallet. The findings were part of a report by Goode Intelligence, titled “The Global Opportunity for Verified Citizen and Consumer ID” that examined the market for both government and private issued digital identities.
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Beginning Oct. 1, businesses that discourage or don’t accept cash payments became liable to civil penalties. Under the newly enforced law, it’s illegal for direct-to-consumer businesses — including bars, restaurants, general retailers and food stores — to refuse cash, charge a higher price to cash-paying customers or hang signs that say cash isn’t accepted. A few exceptions exist: Retail sales happening on the internet or over the phone may require a card, as can parking garages that were card-only before December 2020.
All other businesses that require card payments must provide a device on the premises that converts cash into a prepaid card that customers can use in the establishment. The device can’t impose fees or require minimum deposits greater than $5.
From: Washington, DC’s ban on cashless businesses, explained | Smart Cities Dive.
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A City Council Committee of the Whole report on the bill cited 2017 data that showed 8% of D.C. residents were unbanked, meaning they don’t have bank accounts at all, and about 21% were underbanked, meaning they have bank accounts but often rely on other financial services like money orders and loans.
Councilmember David Grosso, one of the original introducers of the bill. said staff looked into the issue of increasing cashless businesses and that this shift would likely create challenges for many of D.C.’s residents who are “underbanked” or “unbanked.”
A City Council Committee of the Whole report on the bill cited 2017 data that showed 8% of D.C. residents were unbanked, meaning they don’t have bank accounts at all, and about 21% were underbanked, meaning they have bank accounts but often rely on other financial services like money orders and loans.
“They simply don’t have access to a card, whether it be a bank card or credit card,” Grosso said. “That was just a lack of understanding of our community when businesses started doing that.” Though anyone can be underbanked, Grosso said D.C. residents experiencing poverty and immigrants without permanent legal status are among those most impacted by bans on using cash.
JP Morgan and Mastercard have announced the U.S. launch of their Pay-by-Bank solution, giving billers the ability to allow their customers to pay bills directly from their bank account, using traditional ACH banking rails. Verizon will pilot the solution with US customers in the coming months.
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As smartphones go, this integration of AI signals a new era, one created with tech that is intuitive to the kind of ferocious simulation the next generation is being engineered around, where a picture is no longer worth a thousand words but a thousand tiny fictions.
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Snippings