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According to the World Bank, the cost of sending $200 to countries in sub-Saharan Africa averaged 9 per cent of the transaction value in the first quarter of 2020, the highest of any world region, and can go into double digits in some places.

On peer-to-peer crypto networks, however, these fees are typically about 2-5 per cent, according to LocalBitcoins. Average transaction fees for bitcoin were below $3 in August 2021, according to data provider BitInfoCharts, while for ethereum they ranged between $8 and $44 over the same period.

From Cryptocurrencies: developing countries provide fertile ground | Financial Times:

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Apple said today it has so far secured two states, Arizona and Georgia, to bring digital driver’s license and state IDs.

Connecticut, Iowa, Kentucky, Maryland, Oklahoma and Utah are expected to follow, but a timeline for rolling out wasn’t given.

Apple said in June that it would begin supporting digital licenses and IDs, and that the TSA would be the first agency to begin accepting a digital license from an iPhone at several airports, since only a state ID is required for traveling by air domestically within the United States. The TSA will allow you to present your digital wallet by tapping it on an identity reader. Apple says the feature is secure and doesn’t require handing over or unlocking your phone.

From Apple secures first states to support digital driver’s licenses, but privacy questions linger | TechCrunch:

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Evans and Partners analyst Matthew Wilson says there is a long-term risk that Apple’s popularity with the young in particular leaves banks relegated to being disenfranchised manufacturers.

From It’s ‘Silicon Valley vs the banks’: Apple’s big threat in finance:

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Evans and Partners analyst Matthew Wilson says there is a long-term risk that Apple’s popularity with the young in particular leaves banks relegated to being disenfranchised manufacturers.

From It’s ‘Silicon Valley vs the banks’: Apple’s big threat in finance:

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In Singapore, autonomous robots are now rambling around in the town center, keeping a watchful eye on what the government of the city-state defines as “undesirable social behaviour,” including smoking in prohibited public areas or driving scooters on footpaths.

From Singapore deploys street robots to check bad behaviour of people | Investvine.

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Daniel Hodson, former chief of Nationwide Building Society and the London International Financial Futures and Options Exchange, told City A.M. that any UK central bank digital currency must be instead geared toward the financial services sector.

From City warns London’s finance crown at risk if UK doesn’t offer digital Sterling : CityAM.

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He’s right, of course. We must launch the wholesale CBDC first. But note that the architecture and implementation of a wholesale CBDC has absolutely nothing to do with the architecture and implementation of a retail CBDC, we have plenty of time to think about the best way to build the retail infrastructure.
 

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A US woman who broke into a credit union’s computer system and destroyed more than 20 gigabytes of data in retaliation for being fired, has pleaded guilty in a Brooklyn court.

From Fired credit union employee gets revenge by wiping 20GB of data.

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Most traditional banks and credit unions might not even be aware of the fragmenting of relationships caused by non-traditional competition. This is because most institutions simply monitor lost accounts, as opposed to changes in activity, balances and other indicators of lost share of wallet. According to Bain & Company, ‘Most defection in banking consists of people obtaining credit cards, loans, or other products elsewhere, but not closing their original account altogether. Maintaining a healthy base of primary customers may disguise the dire reality of declining share of wallet.”

Hidden Attrition:

Most customers don’t close accounts when they move relationships. Instead, they divert their loyalty to alternative providers that offer more value.

Making matters worse, customer churn is a lagging indicator, meaning the loss has already happened, and it’s just a measurement of the damage inflicted. Trying to recover these customers is often a money-losing strategy.

From Banking Share of Wallet Threatened By Hidden Attrition.

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Some prefer to let the chips fall as they may. That doesn’t include Google any longer.

Following in the footsteps of Silicon Valley rival Apple, the company plans to start using its own in-house CPU chips in its line of laptops and tablets by 2023.

From Following Apple’s Lead, Google to Take Chip Production In-House | The Motley Fool.

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Gary Gensler, chair of the US Securities and Exchange Commission (SEC), says that while he is “technology neutral”, crypto assets were no different than any others when it came to such public policy imperatives as investor protection, guarding against illicit activity and maintaining financial stability.