Category: Money

Posted in Money

Central bank test of digital currency set to expand

China is expected to expand the central bank’s digital currency pilot programs to a broader range later this year or early in 2021, focusing on retail use. That may replace some functions of bank cards, a former State bank executive said.

China is implementing programs to test the digital currency in Shenzhen, Guangdong province; Chengdu, Sichuan province; Suzhou, Jiangsu province; and Xiong’an in Hebei, with some facilities to be used during the 2022 Winter Olympics, according to the People’s Bank of China, the central bank.

The currency has been tested within a small scope and in some cases, such as payments of retail sales and salaries, and it has matured sufficiently to go public on a wider scale, said Li Lihui, former president of Bank of China.

“But the pilot program is relatively limited right now, involving a small group of people. The trials’ expansion may take more time; it

Read More
Posted in Money

Editorial: The Postal Service must be saved, and it can be | Editorial

The U.S. Postal Service is essential to save.

By law, it is required to deliver mail across the United States. It serves more than 157 million addresses, adding about a million per year. That is a public good that no private delivery service would ever try to match. In fact, many delivery businesses, including Amazon, use the U.S. mail for the final leg of delivery, a task that is profitable for the Postal Service.

The USPS delivers prescription medications, bills, marketing materials, publications and, in the news these days, absentee ballot applications and actual ballots. Most invoices, checks and personal mail go first class. While this traditional snail-mail use has dropped in the digital age, nearly 55 billion items were sent first class last year, accounting for a third of postal revenue.

Marketing materials account for nearly a quarter of postal revenue. If delivery becomes unreliable — say a flyer

Read More
Posted in Money

Routable Raises $12M For Digital B2B Services

Routable, which aims to simplify the sending and receiving of B2B payments, has come off a Series A funding round with $12 million, a press release says.

That comes out to $16 million that the company has raised overall.

The round featured contributions from Y Combinator, Founders Co-Op, Lee Fixel, Box Group, as well as Liquid 2 Ventures, Jason Gardner, Gokul Rajaram, Aaron Schildkrout, Sam Hodges, Immad Akhund and more, the press release says.

The company plans to use the money to continue growing, including hiring more people and scaling the product.

Routable co-founder and chief executive Omri Mor said the idea behind Routable was to accommodate different companies’ needs for payments.

“Sending 1,000 business payments per month is a much different proposition than sending 10,000 or 100,000 monthly payments,” said Mor. “We believe finance departments deserve the best software and support as

Read More
Posted in Money

Why are colleges bringing back students despite near-certainty of COVID-19 outbreaks? Money plays a big part – News – The Columbus Dispatch

For months, universities and experts have warned another semester of remote courses could have disastrous effects on student enrollment and college budgets.

Colleges that are reopening campuses this fall know they’re bringing a higher risk of coronavirus to their community.

The questions aren’t really about if or when, but about how bad outbreaks could be — and whether having an in-person experience for students is worth the cost. With so much at stake, some students, parents and faculty are asking: Why take the risk at all?

In many cases, it comes back to money.

For months, colleges and experts have warned another semester of remote courses could have disastrous effects on student enrollment and college budgets.

Colleges already lost billions of dollars when they pivoted to digital instruction in the spring, in the form of refunded room-and-board payments and expensive technology for online courses. Another semester — or year —

Read More
Posted in Money

U.S. global media agency demanded outlets return money for internet freedom projects

The official and others spoke to POLITICO on condition of anonymity because they weren’t authorized to talk to the media.

What the outlets did: In response to the agency’s demands, Middle East Broadcasting Networks provided a paper check of $500,000, and Radio Free Asia provided a check worth $2.9 million, according to two people familiar with the matter. Until last year, the OTF was a program of Radio Free Asia. It’s unclear how Radio Free Europe responded to the order.

The plans: USAGM wants to reallocate the money to other internet freedom projects, and according to a separate agency employee, USAGM officials have been in touch in recent months with the maker of Ultrasurf, software that provides internet firewall circumvention code and which was developed by a member of the Falun Gong, a persecuted Chinese religious minority.

For the last several years, USAGM had refused to provide money for Ultrasurf

Read More
Posted in Money

Mining and the curious case of the digital yuan





© TechNode


Last week was a busy week in China’s blockchain world, particularly in cryptocurrency mining circles. The Battle of Bitmain drags on, while the government of Inner Mongolia is cracking down on the local mining industry. At the end of the week, the digital yuan made an appearance on a banking app, then mysteriously disappeared.

Blockchain

headlines

The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world for the week of August 24-30.

The curious case of the digital yuan

China Construction Bank, one of China’s “big four,” on Saturday opened its digital yuan e-wallet to the public. The feature was available on the bank’s app, leading to widespread speculation that the central bank’s digital currency was finally ready for public use. Some users even managed to conduct some transactions.

Later on the same day, the

Read More
Posted in Money

APIs Will Decentralize CBDCs – CoinDesk

Carmelle Cadet is the founder and CEO of EMTECH, a fintech for central banks, and a former IBM Global Finance & Business Leader.   

According to several surveys, up to 80% of central banks are exploring the prospect of launching a central bank digital currency (CBDC). Furthermore, the Bank International Settlements (BIS) has essentially said “let’s get on with it” and the International Monetary Fund (IMF) is now making the case for a public/private model of CBDC implementation.  

The Brooking Institution’s latest paper on design choices for CBDCs shows how far the conversation has come since the start of the year. It’s time to explore what various stakeholders can expect from this transformation. What is their role or benefit in all of this? How might a centralized token help us to do everything we do today with money, and more? 

And let’s face it: How are they going to make money

Read More
Posted in Money

Companies must help employees to make paperless expense claims



a person using a laptop computer: The irritation that Indian employees are reportedly feeling, stems from the fact that most expense claimssystems are not supportive of the usual practices they follow in their daily lives.


© Provided by The Financial Express
The irritation that Indian employees are reportedly feeling, stems from the fact that most expense claims
systems are not supportive of the usual practices they follow in their daily lives.

With the unprecedented number of people working from home, 2020 has turned out to be a watershed year for companies to manage employee productivity. While we marvel at the maturity of cloud services and digital technologies that have enabled this massive migration of work from office to home, many business processes and policies remain old world, paper based and manual, especially administrative and finance ones. Such administrative and finance processes, mainly expense claims and invoice processing, are mandatory but take up plenty of the employee’s time which can otherwise be used to deliver more meaningful work. This inflicts significant costs on businesses and the economy and causes frustration for the employees at the same

Read More
Posted in Money

Bridging the Digital Divide Through Coding

Whether you agree with the idea of reopening schools or not,  distance learning will soon be the norm. The old-fashioned educational system of long days, crowded classrooms and antiquated expensive textbooks will become a thing of the past as parents and students adjust to the changing mode of education. Everyone must embrace the fact that this will be a turbulent academic season.



Imani sitting at a table using a laptop computer


© Willie B. Thomas | Getty Images


As parents, we must adjust our traditional thinking and adapt to a changing narrative about education and the outlook for career prospects for our children. Honestly, many of the professions and business models that we once wanted for our children may be gone, and many will never return — especially with major brick-and-mortar operations, which are barely holding on during this retail apocalypse.

Loading...

Load Error

Related: How Remote Education Is Evolving During the Crisis

With most K-12 schools across the country

Read More
Posted in Money

Central banks ‘troubled and intrigued’ by expansion in digital currency

DBS describes the growth of digital currency as both fascinating and daunting in a new research paper, ‘Digital Currencies: Public and Private, Present and Future’.

The Singaporean bank has produced the paper to appraise the latest developments in public and private digital currencies, with a view to publishing quarterly updates on the industry.

The paper claims that Asia is the world’s largest digital payments market, accounting for half of the world’s top ten crypto exchanges measured by traffic, liquidity and trading volume.

Digital currencies have “captured the investor zeitgeist”, whether it be speculation, precaution or simple portfolio diversification, powered further by the unprecedented levels of financial stimulus being injected by central banks to counter the Covid-19-related economic headwinds.

While Bitcoin is still seen as the flagship of crypto, the paper stresses the proliferation that the space has seen, citing the 2500+ currencies listed on coinmarketcap.com.

A considerable number of moving

Read More