Snippings

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When you make a purchase, you don’t just slide a card and wait for your product. You get to communicate with the person you’re buying from, seeing the transaction from their perspective as well as your own.

From The Future of Paying Each Other on the Web | by Amber Case | Medium:

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The 12th century text Dialogus de Scaccario—written by Richard FitzNeal, Lord Treasurer during the reigns of Henry II and Richard I—instructs the use of sheepskin for royal accounts as “they do not easily yield to erasure without the blemish being apparent”.

In the 17th century when paper was common, Chief Justice Sir Edward Coke wrote of the necessity that legal documents were written on parchment “for the writing upon these is least liable to alterations or corruption”.

From Sheepskin Parchment Helped Medieval Lawyers Prevent Fraud : Science Fiction in the News:

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“Anything that threatens the dollar is a national security issue. This threatens the dollar over the long term,” Josh Lipsky of the Atlantic Council told the Wall Street Journal, in a feature that described the digital yuan as “a re-imagination of money that could shake a pillar of American power.”

From Will China’s new digital yuan threaten King Dollar’s reign? – MarketWatch:

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The digital yuan could give those the U.S. seeks to penalize a way to exchange money without U.S. knowledge. Exchanges wouldn’t need to use SWIFT, the messaging network that is used in money transfers between commercial banks and that can be monitored by the U.S. government.

The chance to weaken the power of American sanctions is central to Beijing’s marketing of the digital yuan and to its efforts to internationalize the yuan more generally. Speaking at a forum last month, China’s Mr. Mu, the central bank official, repeatedly said the digital yuan is aimed at protecting China’s “monetary sovereignty,” including by offsetting global use of the dollar.

From China Creates Its Own Digital Currency, a First for Major Economy – WSJ:

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“[If] China’s long bitcoin, perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works,” he said.

From China may be using bitcoin as ‘financial weapon’ against U.S., says Peter Thiel – MarketWatch:

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In the last two weeks alone, agents seized 31 shipments with about $423,000 in counterfeit currency, the agency said. Almost all the shipments were arriving from China destined for places in the U.S., including some cities in Illinois.

From $1.64 million in counterfeit currency seized by Customs this year at O’Hare – Chicago Sun-Times:

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Banking as a platform

Banking as a service

Banking as a marketplace. But there is competition here from “super apps”

 

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PayPal wants to weave consumer financial services into an ecosystem that draws strength from its existing relationships with merchants. Consumers will come to PayPal to make purchases, either in physical stores or, more likely, online; they’ll receive personalized offers and rewards based on their purchase history, which will encourage them to return more frequently; and eventually, they may treat their PayPal digital wallet like it’s their primary bank account.

From PayPal is building a ‘super app.’ Should banks be worried? | American Banker.

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A digital pound must be at the heart of Britain’s efforts to strengthen the City of London’s global attraction as a financial centre after Brexit, think-tank CityUnited Project said on Friday.

From Digital pound would boost post-Brexit City of London, think-tank says | Reuters.

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A vicious cycle is fueling ransomware, one of the world’s worst cybercrimes, in which criminals seize control of companies’ computer networks, encrypting their data with secret codes. Companies paralyzed by the attacks paid hackers an average of $312,493 in 2020 – triple the average of the year before. The criminals are reinvesting their profits in increasingly-efficient operations, making for even bigger and bolder attacks.

From Ransomware Is Getting Worse, and Cybersecurity Has No Easy Answers.

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On Etsy, eBay, Facebook and Twitter, little rectangular slips of paper started showing up for sale in late January. Printed on card stock, they measured three-by-four inches and featured crisp black lettering. Sellers listed them for $20 to $60 each, with a discount on bundles of three or more. Laminated ones cost extra.

All were forgeries or falsified copies of the Centers for Disease Control and Prevention vaccination cards, which are given to people who have been inoculated against Covid-19 in the United States.

From Online Scammers Have a New Offer For You: Vaccine Cards – The New York Times.

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