A library of snippets
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Results show two thirds of European citizens intend to use new EU-backed wallet for secure storage of ID cards, licences and documents on smartphones; while millions are still carrying unofficial scans and photos of physical ID cards and other documents on their handsets
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Enthusiasm for the EDIW is also influenced by age, and citizens’ experiences of digital wallets providers (such as Apple, Google, Samsung) and national Digital ID schemes including BankID in Sweden.
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The airline industry has historically taken a conservative approach to payments
From Why are crypto payments becoming so popular in the private aviation industry?:
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I’ll say. I just had to change a flight on British Airways and despite being an übergold frequent flier and using a British Airways Amex card that I have use approximately a million times before on the BA web site, I had to enter my credit details (including the billing address) just like the first time I ever bought anything on the web back in the 1990s. Not even ApplePay, much less direct-from-account or Dogecoin or whatever it is that the kids use these days.
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Of the reported crypto fraud losses that began on social media, most are investment scams.[7] Indeed, since 2021, $575 million of all crypto fraud losses reported to the FTC were about bogus investment opportunities, far more than any other fraud type… Romance scams are a distant second to investment scams, with $185 million in reported cryptocurrency losses since 2021 – that’s nearly one in every three dollars reported lost to a romance scam during this period
From Reports show scammers cashing in on crypto craze | Federal Trade Commission:
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Kenneth Rogoff is the Thomas D. Cabot Professor of Public Policy and professor of economics at Harvard University. Previously an economist at the International Monetary Fund (IMF) and a member of the Board of Governors of the Federal Reserve System, he has written extensively on cash and electronic cash. In a recent piece on crypto regulation, he pointed to the use of cryptocurrencies in emerging markets, saying that “the biggest investors in crypto may be in advanced economies, but the uses – and harms – have so far been mainly in emerging markets and developing economies” before going to says that “one might even argue that investing in some advanced-economy crypto vehicles is in a sense no different from investing in conflict diamonds”.
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The Post Office and digital identity verification company Yoti have become the first government-approved digital ID providers, allowing UK citizens to prove their identities with an app instead of physical documents when applying for a job or renting a property.
Legislation paving the way for employers and landlords to use certified digital identity providers to carry out checks came into force on 6 April this year.
From Yoti and Post Office become first government-approved digital ID providers:
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One thing that came up a few times in conversation was the distribution of crypto losses.
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According to CNBC’s recent survey of Millennial millionaires, 83% stored a portion of their wealth in the form of cryptocurrencies. In stark contrast to both the baby boomers and generation X, of whom only 4% and 25% respectively owned any cryptocurrency at all.
From Why are crypto payments becoming so popular in the private aviation industry?:
Of course. This makes complete sense. If crypto can go to zero or a billion, than any rational millionaire would put 20K into crypto. Worst case, you are down to 980K (but in the meantime your houses have soared in value). Best case, you are a billionaire. But if you are a Gen X with 20K in savings, it’s unwise to commit those 20K to cryptocurrencies. Worst case, you have nothing.
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The privileged US Banks that have direct access to the Fed are paying fees to the Fed that are at most $0.0035.
The Wells Fargos of the Americas then turn around and charge payment Fintechs as much as x100 times that Fed fees — Wise claims fees around $0.35!
Instant
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In January, during a taping of the “Tonight Show,” everyone in the audience received an NFT. The segment started out in a familiar fashion: Jimmy Fallon congratulates his guest — DJ and famous person Paris Hilton — on her recent wedding; showed the audience cardboard blowups of photos from said wedding (the dress was by Oscar de la Renta, Paris tells us); we learn the wedding will be airing that coming Thursday on her show, “Paris in Love.”
This banter carries on for a while when, somewhat awkwardly, the conversation pivots to nonfungible tokens, or NFTs. “Last time you were on the show, I asked you to explain NFTs. And you did so in a great way. That was a very hard thing to really explain to a lot of people,” Fallon says. “But since then, Forbes has named you one of the 50 Most Influential People in the NFT space.”
From The revolution will not be centralized | American Banker:
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“Imagine a world where most participants have Souls [digital wallets] that store SBTs corresponding to a series of affiliations, memberships, and credentials,”
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But if the U.S. did issue tokenised dollars and T-bills, why would anyone use 100% reserved USD-pegged stablecoins? Indeed, why would anyone even issue them? What would be the point of locking up all those Fed dollars and T-bills just to issue a private sector equivalent?
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Snippings