A library of snippets
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The Met Police has seized a record £180m worth of cryptocurrency linked to international money laundering in London.
The seizure is the largest of its kind in the UK – beating the previous record set when the Met confiscated £114m of cryptocurrency on 24 June.From Met Police seize record £180m of cryptocurrency in London – BBC News:
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Ultimately, the implementation of digital wallets is crucial to creating a convenient customer experience that keeps shoppers coming back for more. As a result, it is crucial for merchants to enable digital wallets as an in-store payment option.
From Digital Wallets Are in Store for In-Store Shopping – PaymentsJournal:
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This suggests that DApps (DEXs and other DeFi applications) will be responsible for complying with country-specific laws enforcing FATF, AML, and Counter-Terrorism Financing (CTF) standards.
From DeFi regulation must not kill the values behind decentralization:
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n aggressive stance towards pornographers and sex workers has triggered concerns over banks and payment companies adopting the role of censorious moral guardians
From Lessons for banks from the OnlyFans affair | Financial Times:
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Banks were the original “big data” business (see blog). But now banks are at a disadvantage in connecting their data from a compliance perspective (GDPR, CCPA, OCC, …etc). Banks are constrained where non financial services players are not.
From Payments and the Observer Effect – Noyes Payments Blog:
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Square’s payment system malfunctioned over the weekend for several hours… as workers at coffee shops, nail salons, and other service-oriented ventures found their payment screens unable to accept tips – which amount to more than half of the earnings of waitstaff and bartenders, according to the National Employment Law project.
From Square payment system outage prompts calls for reimbursement • The Register:
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Far and away our biggest operational challenge is payments.
From Long before OnlyFans bowed to the banks, Cindy Gallop took them on:
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Digital libertarians would prefer that DeFi remain autonomous—imperfect but pure. Yet to succeed it must integrate with the conventional financial and legal systems, as Gary Gensler, a crypto-expert who is America’s financial watchdog, has outlined. Many DeFi applications are run by decentralised organisations which vote on some issues; these bodies should become subject to laws and regulations. The Bank for International Settlements, a club for central banks, has suggested that govcoins might be used in DeFi apps, providing stability.
Finance is entering a new era in which the three novel but flawed visions of tech platforms, big government and DeFi will compete and intermingle. Each embodies a technical architecture and an ideology about how the economy should be run. As with the internet in the 1990s, no one knows where the revolution will end. But it stands to transform how money works and, as it does so, the entire digital world.
From The beguiling promise of decentralised finance | The Economist:
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Amazon.com said on Friday that it has closed about 3,000 online merchant accounts, backed by about 600 Chinese brands, on its popular platform, as the world’s largest e-commerce company ratchets up its crackdown on consumer review abuses.
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So-called passive wearables are faster to use than contactless cards because their wearers don’t need to fish out their wallets, proponents say. Another plus is that such wearables, which use technology similar to that of payment cards, don’t need to be charged like phones and watches.
From Payment Jewelry Still Has Its Fans, Despite Smartwatch Dominance – WSJ:
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