Snippings

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What’s new: China’s central bank vowed to promote interconnection between the digital yuan and other electronic payment tools so that consumers can make payments by scanning a unified QR code.
As part of efforts to accelerate standardization of the digital yuan system, it is necessary to promote unification of digital identity, message specification and QR code systems, said Fan Yiwei, deputy governor of People’s Bank of China, at a digital finance forum Thursday.
The digital yuan, also known as e-CNY, shares certain similarities with other electronic payment tools but also differs, so it cannot completely copy the operating systems of physical cash and electronic payments, Fan said.

From Central Bank to Push for Universal Digital Payment QR Codes – Caixin Global.

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Why one industry gets bailouts while others do not is mostly determined by political connections and the perception of saliency rather than by real systemic risks to the economy or other economic factors. There are no systemic risks to the economy from airline failures.

From The 2020 Bailouts Left Airlines, the Economy, and the Federal Budget in Worse Shape Than Before | Mercatus Center:

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The reason that none of the retailers in Padstow accept cash is that they cannot deposit it (I asked), unless they want to wait for the weekly mobile van or make a 40 km round trip to the larger town that does have banks. And because they don’t accept cash, cashback is not an option.

From Currency News:

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A man posing as a police officer made off with about 10 million yen ($71,400) in cash and 1.5 kilograms in gold bullion worth 12 million yen or so after conning an elderly woman in Chiryu, Aichi Prefecture, to open the house safe.

From Man disguised as cop steals 22 million yen in cash and gold | The Asahi Shimbun: Breaking News, Japan News and Analysis:

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Consumers need an all-American advocacy organization to protect and defend the use of paper cash, checks and money orders for the consumers’ control, freedom and the privacy these payment systems enable.

From Opinion | America Needs a Civic Group to Oppose a Cashless Society | Ralph Nader:

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While renovating their kitchen in July 2019, residents unearthed a salt-glazed earthenware cup burrowed underneath the concrete and floorboards of their home in Ellerby, North Yorkshire.
Rookie detectorist finds huge Iron Age gold hoard in Denmark
The cup, described as being no larger than a soft-drink can, contained more than 260 gold coins dating from 1610 to 1727. The stash of coins has an estimated value of £100,000 ($116,00) in today’s spending power, auctioneers said.

 

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“Joseph and Sarah clearly distrusted the newly-formed Bank of England, the ‘banknote’ and even the gold coinage of their day because they (chose) to hold onto so many coins dating to the English Civil War and beforehand,” he added.

From Coins worth up to $290,000 found under kitchen floorboards – CNN Style:

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“Effective October 1, 2022, Microsoft will remove the check payment option from new commerce invoices. This change affects only the United States

From Microsoft remembers it’s 2022, says it will no longer accept check payments | TechRadar.

Well, duh. Of course it only affect the United States because no-one else even knows what a cheque are, let alone uses them.

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“The Metaverse? That’s just what we’re calling cyberspace now.” – William Gibson

From 100+ Best Metaverse Quotes, Captions And Sayings (Digital World Quotes) – Quote Poetry : Motivational Quotes About Love And Life.

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The Fidelity Center for Applied Technology recently published a nice summary of the differences between “web2” and “web3”, which they say is a tokenised web that aims to correct the shortcomings of current web infrastructure. Web3 is built on blockchains. It leverages smart contracts and programmable tokens. It allows for Decentralized Autonomous Organizations (DAOs) that coordinate community governance and value management. 

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The chief of the UK’s largest ATM network has warned that cash has as little as five years left, as the country’s infrastructure experiences “death by a thousand cuts”.

“The cost of providing cash infrastructure, which includes the ATMs, security and bulk cash centres is huge at £5bn a year,” said John Howells, chief executive at Link. Many of these costs are fixed and will not change as consumers move to digital payments.

From Cash has just five years left, warns ATM boss:

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