Snippings

The response should not be, as I wrote in Forbes last year, to continue to use cash despite the expense, inefficiency and inconvenience, but to find effective digital alternatives for those trapped in a cash economy.

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the People’s Bank of China and China Telecom have co-applied digital yuan hardware wallets for new-energy vehicle charging in Xiong’an New Area of North China’s Hebei Province.

From Complete anonymity is unrealistic for digital yuan: central bank official – Global Times:

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“These moves are quite significant as these payment companies are taking a clear political stance when there was no legal or judicial decision that would enforce such a shutdown,” said Arcady Lapiro, founder of Agora Services, a digital technology provider for banks.

From ‘Payment companies are taking a clear political stance’: Politics and payments in the wake of the Trump administration – Tearsheet:

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Some years ago, I found myself sitting next to an interesting chap from a company called iProof, Erik Harvey, at an NFC event in San Francisco. He made a very good point to me: for anti-counterfeiting ecosystem to work, they must involve the end-consumers. If consumers don’t tap on or scan the labels then there’s no data flowing around the system. We need consumers to be an active part of the anti-counterfeiting activity or it won’t work: they have to want to take part. I think, with the appropriate messaging, that they would. After all, who wants to be embarrassed serving a fake wine at dinner and, aside from that, who doesn’t want to learn more about a wine that they try and like?

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ext authentication is even worse than almost anyone thought

From Text authentication is even worse than almost anyone thought | Computerworld.

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A travel card fraudster who swindled £24,000 by creating bogus Oyster cards using the faces of elderly Turkish actors and politicians is facing jail.

Efecan Gokce, 20, from Hendon, London, used a special algorithm to trick the TfL website into approving the applications and sold the fake cards via social media, Inner London Crown Court heard.

Helen Dawson, prosecuting, said the potential loss to TfL from the con ranged from £647,000 to £2,500,000 – although Gokce only banked about £24,000 in his personal account.

From Oyster card fraudster faces jail after swindling £24k with fake travel cards | Daily Mail Online:

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The Bank is planning to introduce ISO 20022, an international standard for financial messaging, for CHAPS.
Pay.UK also plan to introduce ISO 20022 in their New Payments Architecture: together we are developing
what is known as a Common Credit Message. For the first time, the UK’s primary payment systems –
CHAPS, Faster Payments and Bacs – will be using the same messaging standard.

From Enhancing resilience in payments – speech by Victoria Cleland | Bank of England:

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It may also cause millennials, who are wary of taking on credit card debt, to overuse credit and become more indebted.

From Reduce Abandoned Carts with Buy Now Pay Later.

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A wholesale CBDC has potential advantages when settling digital assets. Yet it would raise major policy and governance hurdles. Linking existing systems to new DLT platforms would avoid many of these problems, but would forgo the potential benefits of full integration.

From Press release: BIS, Swiss National Bank and SIX announce successful wholesale CBDC experiment:

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$0.36 per token. After the Christie’s auction, B20 shot up to $23. It’s now down to around $16, according to Coinmarketcap. That’s a nice profit for anyone who got in early—and worth over $3 million for Beeple, if he dumps his coins quickly and there’s enough liquidity to actually sell them.

From Metakovan, the mystery Beeple art buyer, and his NFT/DeFi scheme – Amy Castor:

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