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While there’s been a lot of talk recently about stablecoins and their role in payments, stablecoins in and of themselves don’t solve any problems. To unlock their potential, they need to be combined with an underlying payments network that’s cheaper, faster, safer, interoperable and programmable. One that’s more open than the current antiquated system, which leaves too many people behind and has proven to be resistant to innovation. The current payment rails, in fact, have seen only minimal innovation since the creation of the first credit card network more than six decades ago.

From Good stablecoins, a protocol for money, and digital wallets: the formula to fix our broken payment system | by David Marcus | Aug, 2021 | Medium.

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Reciprocity is a “core principle of data portability”, CBA said. But “the current lack of reciprocity for non-designated sectors adversely impacts the ability of Australian businesses to compete with international tech giants who could access CDR data sets but are not required to share their own data sets.”

From CBA calls for consumer data right extension to global tech players.

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In a memo on Wednesday, Marcus said that Novi, a digital currency wallet that will be integrated into Facebook apps, was “ready to come to market”, adding that it had secured licences or regulatory approvals in “nearly every” US state.

He said that the wallet would offer free person-to-person payments both domestically and internationally, describing Facebook as “a challenger in the payments industry”.

He also said that Facebook would be able to offer “cheaper merchant payments to businesses” through Novi while still making a profit on merchant services, once it had a “meaningful customer base”.

“We can then branch out and offer a variety of other financial services in partnership with respected and well-regulated partners, and expand from there,” he added.

From Facebook says ready to launch digital wallet | Financial Times.

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He said that the wallet would offer free person-to-person payments both domestically and internationally, describing Facebook as “a challenger in the payments industry”.

From Facebook says ready to launch digital wallet | Financial Times.

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With recourse to archival, printed primary, and secondary sources, this paper reconstructs global real interest rates on an annual basis going back to the 14th century, covering 78% of advanced economy GDP over time. I show that across successive monetary and fiscal regimes, and a variety of asset classes, real interest rates have not been ‘stable’, and that since the major monetary upheavals of the late middle ages, a trend decline between 0.6–1.6 basis points per annum has prevailed. A gradual increase in real negative‑yielding rates in advanced economies over the same horizon is identified, despite important temporary reversals such as the 17th Century Crisis. Against their long‑term context, currently depressed sovereign real rates are in fact converging ‘back to historical trend’ — a trend that makes narratives about a ‘secular stagnation’ environment entirely misleading, and suggests that — irrespective of particular monetary and fiscal responses — real rates could soon enter permanently negative territory.

From Eight centuries of global real interest rates, R-G, and the ‘suprasecular’ decline, 1311–2018 | Bank of England.

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The International Air Transport Association (IATA) has announced that the EU Digital COVID Certificate (DCC) and UK NHS COVID Pass can now be uploaded into IATA Travel Pass as verified proof of vaccination for travel.

From EU and UK Digital Covid Certificates recognised by IATA Travel Pass – Aviation24.be.

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A Brussels court has sentenced a man to one year in prison and a 4,000 euros fine for trying to take a plane with a false PCR test.

On 7 May, a man came to Brussels Airport airport with the results of a PCR test showing that he had tested negative for the coronavirus. When an officer checked with the lab that allegedly took the test, it turned out that the references were false and the man confessed that he had bought the forged certificate for 30 euros.

From One year in prison for man who wanted to take a plane at Brussels Airport with a false PCR test – Aviation24.be.

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However, it is unclear whether central bank digital currencies are the best answer to an aged global payments infrastructure. Returning to the remittances example, while the global average cost for sending cash remittances has remained relatively flat since 2013, the global average cost for digital remittances has posted consistent declines. Digital remittances are defined by the World Bank as being sent using an online payment service and received by a bank account, transaction account, mobile, or emoney account. In the first quarter of 2021, the global average for non-digital remittances was 6.85%, but the cost for digital remittances was only 5.08%. This suggests that increasing access to the internet, mobile phones, and banking services may be the quickest way to offer the largest swath of people cheaper international payment options.

From Singapore’s Central Bank Is Building A Bitcoin Inspired Currency Using JP Morgan Technology.

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But critics said policies such as the data localisation requirements that tripped up Mastercard and American Express were designed to cement control over business activity and erect trade barriers.

From How US payments groups ended up on the wrong side of India’s plans | Financial Times.

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Samsung Electronics America, Inc. and the Commons Project Foundation today announced the availability of SMART Health Cards displaying Covid-19 vaccination status within Samsung Pay. This new feature allows U.S. consumers to download a verifiable digital version of their Covid-19 vaccine record received from leading pharmacies, providers, or health systems and securely store it in Samsung Pay via the CommonHealth app on supported Samsung Galaxy smartphones.

From Samsung and the Commons Project Foundation Introduces SMART Health Cards Within Samsung Pay – Samsung US Newsroom.

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