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Organized crimes (e.g., weapons trafficking, drug distribution, white collar crime) persist globally due primarily to the power of modern information and communication technology (e.g., computer-based networks in the open and dark webs) to facilitate organization and the enhanced liquidity provided by electronic transfers (in effect, e-capital) to distribute criminal proceeds in the same covert and high-speed manner used by the so-called legitimate commercial enterprises. Offshore banking in tax secrecy and tax haven jurisdictions facilitates both the socially accepted process commonly known as tax avoidance, for example, and the notorious practice commonly known as tax evasion: the former is lawful; the latter is illicit. The dirty secret of how transnational organized economic crime persists lies in global finance, especially transactions using the U.S. dollar in safe havens (e.g., the West uses the Cayman Islands; the East uses Cyprus). Regulators, monitors, auditors, and other specialists in conducting transaction review do not readily and timely tell the difference between high valued transfers that involve true sales of licit goods from high valued transfers that involve the laundering of proceeds from human trafficking, drug distribution, arms sales, and so on.

This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or "pass through" deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and acce

Kevin Dowd argues that states must allow a level playing field as far as private money is concerned. For too long the government has stifled competition between state-backed and private currencies. Instead, central banks should welcome competition as it forces them to offer consumers greater choice and improved quality. A weakened ability to store value, growing restrictions on finance, oppressive taxes and a lack of financial privacy have resulted in growing frustration at state controlled money. The superior nature of private currencies combined with the financial freedom they offer has led

Tettered Money: Managing Digital Currency Transactions presents a comprehensive discussion of financial transactions using digital currencies, with the author, Gideon Samid, making the case for their expansion in tethered money. Exploring the technical, legal, and historical aspects of digital money, the author discusses how the emerging technology of money specified for a specific need or to perform a particular task will affect society. The ability to dictate, Samid argues, how money is spent could increase control over our lives and resources, enabling us to practice a certain efficiency that would, in due time, become a pillar of civilization. Informative and thought-provoking, the book describes an evolving future that, in some quarters, has already arrived

Includes index. ; Shipping list no.: 2000-0337-P. ; Mode of access: Internet.

Intro -- DANKSAGUNG -- VORWORT VON DR. HARALD MAHRER -- WAS DICH ERWARTET -- WARUM DIESES BUCH UND KEIN ANDERES? -- WAS MACHT DIESES BUCH ANDERS ALS ANDERE KRYPTO-BÜCHER? -- KAPITEL 1 - VON GOLD ZU KRYPTO -- WAS IST GELD? -- WAS IST EINE WÄHRUNG? -- WIE FUNKTIONIERT GOLD ALS GELD? -- WAS IST DER INHÄRENTE WERT VON GOLD? -- WAS IST PAPIERGELD GEKNÜPFT AN GOLD? -- WAS IST FIAT-GELD? -- WAS IST VERTRAUEN IN GELD? -- WAS IST ZENTRALISIERUNG? -- WAS IST DEZENTRALISIERUNG? -- ARBEITSBUCH -- KAPITEL 2 - GRUNDLAGEN ZU BLOCKCHAIN UND KRYPTOWÄHRUNGEN -- WAS BEDEUTET DOUBLE SPENDING? -- WAS IST EINE BLOCKCHAIN? -- WIE STEHEN BLOCKCHAIN UND DIGITALE WÄHRUNG ZUEINANDER? -- WAS IST EINE KRYPTOWÄHRUNG? -- KAPITEL 3 - PRIVATE KEYS UND PUBLIC ADDRESSES -- WIE FUNKTIONIERT DEZENTRALES ACCOUNT MANAGEMENT? -- WAS SIND EIN PRIVATE KEY UND EINE PUBLIC ADDRESS? -- KAPITEL 4 - MINING -- WAS IST MINING? -- WAS IST KONSENSUS? -- WAS SIND USER, NODES UND MINER? -- WIE ENTSTEHT KONSENSUS IN EINER BLOCKCHAIN? -- WAS SIND KONSENSUS-MECHANISMEN? -- WIE ENTSTEHT AUS DEN BLÖCKEN EINE BLOCKCHAIN? -- WAS SIND ORPHAN BLOCKS? -- WAS IST MINING DIFFICULTY? -- WAS IST EINE HASH-RATE? -- ES GIBT VERSCHIEDENE ARTEN VON MINING-COMPUTERN -- IST MINING PROFITABEL? -- GIBT ES WIRTSCHAFTLICH SINNVOLLE MINING-LÖSUNGEN? -- WIE ERKLÄRT MAN ALL DIES EINEM ZEHNJÄHRIGEN? -- WIE SIEHT EINE BLOCKCHAIN IN DER REALITÄT AUS? -- WAS IST DIE SIMPLE PAYMENT VERIFICATION (SPV)? -- WORUM GEHT ES BEI DER SKALIERUNGSDEBATTE? -- WAS SIND MÖGLICHE SKALIERUNGSLÖSUNGEN? -- WAS IST SEGWIT? -- KAPITEL 5 - WIE WERDEN KRYPTOWÄHRUNGEN KREIERT? -- WAS IST EINE DEFLATIONÄRE WÄHRUNG? -- SIND ALLE KRYPTOWÄHRUNGEN BEGRENZT? -- KAPITEL 6 - WALLETS -- WAS IST EINE WALLET? -- WAS BEFINDET SICH IN EINER WALLET? -- PAPER WALLETS -- MIND WALLETS -- SOFT WALLETS -- HARD WALLETS -- EXCHANGES

Technology is permanently transforming the banking industry, and digital payments are the keyElectronic Payments, Mobile Commerce, and Virtual Banking: A Guide to Innovation, Partnering, and Regulationtakes a hands-on approach to competing in the modern banking environment. Former PayPal Head of Financial Innovation Dan Schatt explores the reasons behind the massive consumer migration away from traditional banks, and provides clear, actionable guidance on beating new banking models at their own game. Digital payment is the hottest topic in banking today, and is set to define the future of the industry.Consumers are rapidly abandoning traditional banks in favor of institutions that are lower-cost and more consumer-centric. Between the pace of financial regulatory reform and the cloud computing revolution, the old banking model is on the fast track to extinction. Electronic Payments, Mobile Commerce, and Virtual Bankingprovides the information banks need to compete in this new environment, and details the integral implementation actions that will allow them to thrive. The book discusses real-world innovations from banks, non-banks, and up and comers, and the heavy competition from the new outsource bank model. Topics include:The changing POS landscape and the need for digital wallet partnershipsShifting gears to greenfield market opportunities versus non-profitable marketsDigital channel best practices for superior customer experienceWhen to outsource, and what capabilities to truly ownCase studies including PayPal, Google, Square, Facebook, Twitter, and more illustrate acceleration of innovation through banking partnerships, as well as the mechanics behind banking's biggest, scariest threats. The trick to surviving the paradigm shift is to embody innovation while providing a superior customer proposition. Electronic Payments, Mobile Commerce, and Virtual Banking: A Guide to Innovation, Partnering, and Regulationprovides the inside track on managing the shift and dominating the new marketplace. DAN SCHATTis the former Head of Financial Innovations for PayPal, responsible for defining and executing on PayPal's initiatives with the financial services industry. Schatt has also been an advisor to CGAP, part of the World Bank, and an industry analyst with Celent. Prior, he worked in the Financial Institutions Group at Citigroup. He currently serves as Chief Commercial Officer for Stockpile.

Developing a solid foundation for electronic payment systems is an integral part of ICT-driven development for any country. Compared to cash, e-payment transactions offer the advantages of portability, security, and convenience. For interpersonal transactions, e-payments enable instantaneous exchanges of funds without requiring large sums of physical currency to be carried around and exchanged. E-payments also allow money to be sent rapidly to any recipient regardless of location, eliminating the time cost of making transactions over distance. Integrated e-payment systems are vital to the functioning of any ICT platform whose services require payment, especially those based on mobile technology. Finally, e-payments are more visible than cash transactions, reducing the corrupting influence of black money, widening the tax base, improving data on spending and consumption, and aiding in the formalization of large sectors of the economy. India has long been a cash-based economy, but in recent years, the country has been in the process of transitioning towards a cashless society, In November 2016, this transition was accelerated when 87% of the country's paper currency by value was demonetized. The macroeconomic merits of demonetization remain up for debate, but the policy shock did provide India a golden opportunity to replace legacy systems with ones that could interface with new IT platforms and the country's national ID database, Aadhaar. Although digital payment remains relatively infrequent for now, total digital payments are expected to reach USD 500 billion by 2020, ten times the level in 2016. Government has encouraged this transition by linking public transactions such as Direct Benefit Transfer (DBT) to e-payment services through Aadhaar. Numerous modes of digital payment are now available to Indian consumers, but some have been more successful than others. Demonetization additionally played a heavy role in influencing which payment systems have been adopted for which purposes. For example, while mobile wallets were popular in the months and years preceding demonetization, Unified Payments Interface (UPI) based systems have since become more prevalent, largely thanks to the convenience of being able to skip the intermediate step of adding money to a specific account in favor of sending money directly to recipients via one's own bank account. UPI transactions increased threefold in the year following demonetization, representing the largest segment of the country's digital payment growth. As smartphones continue growing in popularity and data usage continues to increase, India's digital payment market is expected to reach over 1 trillion USD by 2023. However, specific interventions and investments are required for the information economy to penetrate rural areas. Initiatives such as the ICICI Digital Villages Program provide training and support for rural Indians to enter the digital financial ecosystem, offering assistance in opening paperless accounts, introducing SMS services for fund transfers and balance inquiries, and developing native cashless payment systems for direct deposit. Infrastructure investments are also required to make digital payments feasible for those in remote and poorly connected areas. Such efforts are necessary if ICT-driven development is to sustain India's economic growth in a fashion inclusive for all of India's citizens.

A letter report issued by the General Accounting Office with an abstract that begins "In 2001, the Department of the Treasury made 764 million payments valued at $549 billion to beneficiaries of federal programs, primarily programs administered by the Social Security Administration. Of these payments, 76 percent were made using electronic funds transfers (EFTs), potentially saving the government millions of dollars in costs associated with disbursing paper checks. In 1996, Congress passed legislation which required that federal payments except tax refunds be made electronically as of January 1999. The act also required that each person affected by this mandate have access to an account at a financial institution at a reasonable cost and with certain consumer protections. To meet this requirement, Treasury developed the Electronic Transfer Account (ETA). Most recipients of federal benefits have their payments deposited electronically. The number of recipients using EFT climbed steadily throughout the 1990s, rising from around half to more than three-quarters of all beneficiaries. Treasury and the Social Security Administration (SSA) have undertaken activities to increase the use of direct deposit, including developing marketing material and directly notifying check recipients of the advantages of using EFT, particularly safety and convenience. Although information describing the characteristics of these EFT users is limited, GAO determined that participation rates are highest for those 65 and older. The primary obstacle to using EFT was that many federal check recipients did not have a bank account. GAO's analysis of the Survey of Income and Program Participation's 1998 data indicated that 11 million benefit recipients, over half of all federal benefit check recipients in 1998, were unbanked. The ETA has not been widely accepted by banks or unbanked beneficiaries despite Treasury's efforts to promote it. Since initiation of the program in 1999, 36,000 ETAs have been opened, representing fewer than 1 percent of unbanked beneficiaries. Based on discussions with representatives from Treasury, SSA, financial institutions, and consumer groups, GAO identified several approaches that Treasury could consider to increase the use of electronic transfers. These approaches include increasing cooperation between banks and local SSA offices to more effectively enroll beneficiaries for ETAs; exploring other electronic payment options besides the ETA to deliver benefits; partnering with banks to provide information on the general availability of low cost banking products, especially in areas with low ETA coverage; and conducting further research to determine why certain states have low direct deposit participation rates."