A library of snippets
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In 2018, shadow banking assets in the euro area amounted to almost €34.5 trillion, accounting for more than 40% of the assets of the financial sector. Total shadow banking assets more than doubled between 2000 and 2008, and a similar boom was observed in the between 2009 and 2018
From Off the radar: The rise of shadow banking in Europe | VOX, CEPR Policy Portal:
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22nd March 2019
Dave Birch believes Facebook may make use of the existing payments regulations and build a private network. “Facebook can take advantage of the new regulations in Europe,” said Birch.
From Zuckerberg’s boldest move – New Money Review:
15th August 2019
if Libra were set up in the EU under the provisions of an Electronic Money Licence (ie, Tier 1 capital reserve but in EU assets only, separation of funds etc) and Calibra were set up in the EU under the provisions of a Payment Institution Licence (ie, with TPP access to retail bank accounts) then it could become the hard e-Euro that John Major put forward all those years ago as a viable alternative to the Euro.
From I only just had time to sit down and read this Colin. Well done.:
Today
The Libra Association has announced that it has formerly commenced the process for obtaining a payment system licence in Switzerland, which will have input from central banks and other regulatory bodies.
From Libra begins journey to regulatory support with multi-currency mode…:
#MysticDave #Crystal Balls
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Libra, the digital coin unveiled by Facebook last year, has applied for a payment system licence from the Swiss Financial Market Supervisory Authority (FINMA), with significant changes made to the project that was met with widespread criticism last year.
The Libra Association has announced that it has formerly commenced the process for obtaining a payment system licence in Switzerland, which will have input from central banks and other regulatory bodies.
From Libra begins journey to regulatory support with multi-currency mode…:
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IBM’s Hyperledger isn’t really a “blockchain,” and what it does offer is hard to use and difficult to scale.
From IBM’s Hyperledger isn’t a real blockchain — here’s why:
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In Hangzhou, it has become nearly impossible to get around without showing your Alipay code.
From In Coronavirus Fight, China Gives Citizens a Color Code, With Red Flags – The New York Times:
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Apple launched the iMessage App Store for casual games, and Facebook rolled out Instant Games for its Messenger app. In 2018, Google tried again with a focus on gaming. Last year, Snapchat announced the debut of Snap Games. But none of these endeavors has had the success of WeChat’s mini programs, which can tap into the social media network’s hugely popular digital wallet to allow customers to make seamless payments.
“Having payments embedded is a key thing,” said Matthew Brennan, a Chinese tech consultant. “With mini programs, you can actually get paid really, really easily and convert attention and traffic into transactions,” he said.
How Tencent’s WeChat Poses Creeping Threat to Apple — The Information:
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WeChat users spent 800 billion yuan ($113 billion) inside mini programs in 2019, a 160% increase from the previous year.
At the same time, the number of iOS apps downloaded in China in 2019 has fallen 12% from a peak of 9.3 billion in 2017, according to Sensor Tower. That compares with an increase of 22% to 7.1 billion apps downloaded in the U.S. over the same period.
How Tencent’s WeChat Poses Creeping Threat to Apple — The Information:
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For Apple, “the danger is that WeChat is going to be a new operating system,”
How Tencent’s WeChat Poses Creeping Threat to Apple — The Information:
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“Estimates suggest that not even 1% of criminal funds flowing through the international financial system is confiscated,” says Colin Bell, group head of financial crime risk at HSBC.
What’s the new weapon against money laundering gangsters? – BBC News:
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New York City Council has voted to ban cashless stores and restaurants, arguing that they discriminate against the unbanked.
The council voted to pass a bill requiring brick and mortar outlets in the city to accept US bills and coins or face fines of up to $1000 for a first violation and $1500 for further incidents.
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Snippings