A library of snippets
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Lots of them mentioned the Australian Stock Exchange and said you must be a peasant if you questioned technology that was about to be adopted in such a Serious Enterprise full of Serious People. After all, it was being built by Accenture, no less! (Cue eye-roll.)
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The courts, meanwhile, will be flooded with lawsuits because who needs to pay attorney fees when your phone can file an airtight motion for you?
From AI is going to break a lot of norms and institutions – Marginal REVOLUTION:
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Small business owners such as Flammini may soon be spared from accepting low-value digital payments if Italy’s new rightwing coalition government has its way. In her draft budget for 2023, prime minister Giorgia Meloni has proposed giving Italian merchants the right to refuse digital payments for transactions below €60. The government also intends to raise the ceiling for legal cash transactions from €1,000 to €5,000.
From Giorgia Meloni pushes back on Italy’s shift into digital payments age | Financial Times:
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The European Central Bank (ECB) view is that since Bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised (presumably they mean as a financial asset).
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Yet I am still not convinced that the experiment with blockchain-based finance will end up being a total failure.
If Roubini had been around in the 1720s, he likely would have said the last rites for stocks with equal fervor. But the bursting of the Mississippi and South Sea Bubbles did not mark the end of equity financing and stock trading, any more than the many financial panics of the 19th century marked the end of joint-stock banking.
From Niall Ferguson: FTX Kept Your Crypto in a Crypt Not a Vault – Bloomberg.
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The new action plan, called the Beijing Action Plan for Promoting the Innovation and Development of the Digital Human Industry, is the first of its kind, in which the government lays out the goals and prospects for all things online — and in the metaverse — that perform a human-like function.
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ny users of metaverse or gaming platforms that could be considered part of the digital human industry will likely be required to tie their online personas to their real-life identification documents.
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Adoption rates for eNaira have been low since its launch on Oct. 25, 2021. As reported by Cointelegraph on Oct. 26 the Central Bank of Nigeria has struggled to convince its citizens to use the CBDC with less than 0.5% of the population reported having used the eNaira as of Oct. 25, a year on from its launch.
From Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC.
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In 2021, $JPM Card had $23.6bn gross revenues but only $5.1bn net revenues after reward costs & partner payments; $BAC Card similarly has $6.2bn net revenues after $6.9bn of costs
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Writing over at the World Economic Forum, Marcus Bonner says it is that the future Metaverse inhabitants’s digital identity will not be a single entity, but rather a “unique core linked to a myriad of other digital entities“, resulting in a web of highly complex and inter-connected information strands. I think he is right, but I would see things in a slightly more structured way, where virtual citizens have a a small number of digital identities (work, play, home, adult, hobby) each of which is linked to a large number of personas. My home digital identity my be linked with my supermarket loyalty card, my local proper tax account and my driving licence but not to my Manchester City fan club persona, my “John Doe” default internet browsing persona or my David G.W. Birch work persona.
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Nordic banks have developed some of the industry’s most innovative premium APIs.
As well as allowing third parties to request basic account data and initiate transactions, Finland’s OP bank also has APIs to filter transactions, request information about specific payments and issue refunds automatically.
Another bank in the region, Nordea, which operates across Finland, Denmark, Norway and Sweden, is considered to have one of the most extensive API suites on the market.
In addition to its five compliance APIs, Nordea offers 10 paid-for solutions that cover foreign exchange trading, corporate payouts, refunds and mass payments, among other services.
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Snippings