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Libra

Digital identities - how and why we are where we are, what it's proposed we do about it and whether it will work.

The fintech world is at last waking up to the biggest problem facing real-world businesses: how to perform KYC on customers you will never physically meet and who live lives which do not intersect with your own except for one specific purpose - the provision of a service. Of course, being tech-driven, fintechs are looking for a tech solution and they've even got a name for it - Digital Identities. The world is full of "White Papers" but there are no practical applications nearing real-world testing, so far as we can ascertain. It appears that, as in so many cases, people are starting with the tech and trying to make the problem fit it, rather than looking at the problem and trying to build tech around reality, says Nigel Morris-Cotterill.

Long read. Free.

**This article has been updated for spelling, grammar and one or two additions or amendments performed to improve clarity.** 11 November 2019.

Disingenuity: Facebook's claims with regard to Libre are unsupportable.

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An article published by CNBC ("Here’s why regulators are so worried about Facebook’s digital currency") says in its teaser "Facebook’s argument is that it won’t be minting new money with its digital currency."

That is absolutely untrue. This is why.

BIScom Subsection: 
Cryptocurrencies and cryptoassets

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Carney gets it wrong again.

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It was an enormous mistake to appoint Mark Carney as the Governor of the Bank of England. In a job that is supposed to be a-political, because the Bank of England is supposed to be independent, Carney has demonstrated a willingness to make political statements, endeavour to influence policy and now in what should be his last major speech, he's announced an astonishingly reformist policy shift in the weeks before his term comes to an end. All the fuss in the media this morning is about Facebook's Libra. However, there is something that has the potential to cause far more systemic problems than that.

BIScom Subsection: 
Retail banking

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