Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Payments, Transfers, Rewards
Research: ECB publishes report on payment habits and attitudes as part of digital euro project
ECB | Release | Mar 30, 2022
The European Central Bank (ECB) published today the findings of its commissioned research on citizens’ payment habits and their attitudes towards digital payments in order to gain a deeper understanding of user preferences as part of the digital euro project.
Based on the responses of focus groups and online communities across all euro area countries, the report shows a strong preference for payment methods with pan-European reach and universal acceptance in physical shops and online. Users favour payment solutions that are convenient, fast and easy to use. Participants valued the possibility of instant and contactless person-to-person payments, regardless of the platform or device. Focus group respondents also wished for a one-stop-solution that would incorporate all the current payment options into one system.
See: A European approach to DeFi regulation
Safety and security were a concern among respondents, who sought guarantees against fraud and hacking, as well as secure and reliable payment authentication methods. Biometric methods of payment verification, such as those involving iris scan technology, were widely supported by participants, while flexible and adjustable privacy settings were seen as desirable.
“We want the digital euro to add value for end users and merit their confidence,” says ECB Executive Board member Fabio Panetta, Chair of the High-Level Task Force on a digital euro.
“A digital euro could enhance European payments by providing a universally accepted and secure solution that facilitates contactless and instant payments.”
Continue to the original release --> here
Download the 128 page PDF 'Study on New Digital Payment Methods' --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Rich Turrin on EUs digital euro vision, U.S. eCash and China’s e-CNY + Shanghai Lockdown
Rich Turrin | Cashless | Apr 1, 2022
The EU's vision for a digital euro takes shape while the US looks at eCash
First, let me congratulate the EU for actually surveying citizens to get an idea of their concerns for the digital euro. The Fed should watch and learn from the European Central Bank (ECB)!
The most shocking thing we learned is that privacy is, amazingly enough, not "top of mind" for most users, many of whom feel that much of their purchasing is already tracked. That was a real shocker for me and apparently for the ECB. Still, it shows the sad state of digital privacy.
Interestingly, free and immediate contactless payment seemed to be a hit, provided it was universal. Users don't want to worry about whether or not it would be accepted. They have had their fill of being told: "Sorry, we accept Visa, not Mastercard." The good news is that universal acceptance is precisely the experience a CBDC national currency can deliver. More on the ECB digital euro user survey
See: Will The ECASH Act be the Answer to Privacy and Virtual Currency in the U.S.?
What makes this so interesting is that in the same week that the EU launched these results, US Senators from the Financial Services Committee published a draft law proposing privacy-protecting eCash!
ECash is tokenized money that does not get transported on a network. It is not a CBDC! ECash is a token on your phone or offline card and can be used as we do cash with no risk of being tracked. I think it's a great idea and may just compliment a CBDC. CBDCs would cover higher value transactions and eCash lower day-to-day expenses. This looks almost exactly like the e-CNY's anonymous payment for low value (RMB 2000 max) transactions.
eCash is designed for privacy. Lack of AML/KYC is its "Achilles heel."
eCash is not without flaws. Suppose you lose your digital wallet; it's gone, just like cash. The biggest issue is that eCash requires no KYC or AML. I don't see this as a flaw, in fact, I love it! Still, I am sure this will cause a battle with regulators who will deem eCash unacceptable. Still, I think it advances the digital dollar discussion. More about the eCash act and PDF of the full act in this post here.
Fintech Fridays Podcast: Special guest, Richard Turrin, Author of Innovation Lab Excellence
What makes this so interesting is that the US is investigating a privacy-protecting eCash system, while the ECB is getting actual survey results saying that privacy is not the number one concern. I find the divergence interesting. It makes me wonder if the nation addicted to privacy vampire Facebook is as concerned about privacy as a vocal minority makes them out to be? In the EU, we now know that this is not a primary concern. Sadly, for the US, we have no idea.
The Digital Yuan is used for far more than buying coffee and has potential for reserve currency
I back this statement up with a post earlier in the week that shows how the e-CNY is being used for transactions over US$ 100,000 in trials in China. The PBOC is clearly signaling that e-CNY will be used to carry large sums of money that WeChat and Alipay were never designed to move. Moreover, it proves that the e-CNY can do far more than buy coffee.
Rich Turrin at FFCON20: AI Implementation in China: A Day in the Life in Shanghai
This is a big question but has to be asked. While the yuan certainly has many flaws, is it "good enough?" The US dollar was once considered "risk-free," but it now has real questions surrounding its usability following widespread global sanctions. Can you use it if sanctions hit? This is why as a "risk management exercise," many nations are looking for dollar replacements, and the yuan just might be "good enough." It's not a question of loving the yuan, so much as that there are few alternatives, and most countries import goods from China. So why wouldn't they convert some of these purchases to yuan to reduce dollar dependence?
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Will The ECASH Act be the Answer to Privacy and Virtual Currency in the U.S.?
Elliptic | Apr 4, 2022
Some lawmakers are calling for a new form of money, one with all the technical outfittings of cryptoassets alongside the impenetrable privacy of paper cash. But can we really have our cake and eat it too? Responding to this call for more opaque digital payments, Representatives Jesús G Garcia and Stephen Lynch – both members of the House Financial Services Committee – have introduced the Electronic Currency and Secure Hardware (ECASH) Act.
See: Cashless society: We need to take digital jail seriously
EU Tightens Rules on Crypto Anonymity
While certain policymakers and stakeholders in the US are working hard to preserve the anonymity and privacy of cryptocurrencies, lawmakers in the European Union (EU) are moving in the opposite direction. On Thursday, the EU voted overwhelmingly in favor of draft legislation that would impose major restrictions on the overall anonymity of cryptoasset transactions by obligating total counterparty transparency for payments. This is a broadly unpopular position taken by EU regulators given the industry calls for anti-surveillance protections.
See: Designing a Central Bank Digital Currency with Support for Cash-Like Privacy
Under the new ruling, after a minimum payment threshold of 1,000 euros is met, exchanges will be obligated to collect and store information related to the transaction and its counterparties. These intermediaries would be required to obtain, hold and submit information on every single transaction. Additionally, there are ongoing discussions of incorporating any unhosted wallets under the new reporting obligations, which would effectively outlaw these unhosted wallets.
Continue to the full article --> here
Wired | Mar 28, 2022
The Future of Digital Cash Is Not on the Blockchain
If you want the privacy of paper money, you need something that leaves no paper trail.
When you hear the phrase “digital cash,” what comes to mind? Perhaps a payment app, like Venmo, that you use in situations that used to call for paper bills, like paying back a friend for dinner. Or maybe you think of cryptocurrencies. After all, the original Bitcoin white paper is titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Research: Study on New Digital Payment Methods (report commissioned by ECB)
But none of these digital payment options are really like cash. Unlike paper money, they require both an internet connection and a bank account to use. Above all, they lack what has long made cash the preferred medium of civil libertarians, dissidents, and criminals alike: privacy. The only kind of money that leaves no paper trail is paper.
A bill introduced in Congress on Monday seeks to re-create the virtues of cash, privacy and all, in digital form. The ECASH Act would direct the US government to experiment with issuing digital dollars that are stored on hardware, not in bank accounts, and can be used without an internet connection. The idea of new, surveillance-proof currency will surely face skepticism within government. But with paper money on a slow path to extinction, the case for a real digital alternative will only grow stronger.
“In the grand scheme of things, distributed ledger versus regular ledger is almost irrelevant on the question of cash-like privacy,” says Rohan Grey, a law professor at Willamette University.
See: Interac and many of Canada’s leading financial institutions enhance Interac e-Transfer to introduce instant digital payments for businesses
The more meaningful distinction, he explains, is between two different currency models: tokens and accounts. When you pay for something with cash, you’re handing over a physical token. Whoever holds the token has the money, and there is no third party to the transaction. When you send a payment using Venmo, or a bank, on the other hand, you’re just directing them to update your account by moving some numbers around in their books. The same thing is true of cryptocurrencies; the only meaningful difference is that the network as a whole, rather than a financial institution, approves the transactions.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Canadian CIBC and Australia’s NAB Partner to Use RippleNet Solution
Blockchain News | | Mar 21, 2022
North American banking giant, the Canadian Imperial Bank of Commerce (CIBC), and the National Bank of Australia (NAB) have inked a partnership to bolster cross-border payments settlement to each other, with Ripple’s RippleNet solution featuring at the centrepiece of the deal.
As announced by the NAB, the decision to make use of the RippleNet solution stems from the protocol’s ability to deliver real-time cross-border payments at relatively cheaper and faster turnaround times.
See:
CIBC, NAB, Bank Leumi launch platform to connect banks with FinTechs
CIBC bringing workers back to a hybrid office model next month while this startup moves to 4 day work week
“We’re excited to be working with CIBC and have already partnered with them in using Ripple’s blockchain technology to complete international payments transfers between our banks as a proof of concept. We believe that the technology has the potential to not only deliver real-time international payments, but also improved the security and efficiency of our payments systems, so this is an important piece of work,” said NAB Executive General Manager NAB Labs Jonathan Davey.
The decision by NAB to make use of Ripple’s solution has showcased how much of a healthy reputation Ripple has been able to maintain since its ongoing legal brawl with the United States Securities and Exchange Commission (SEC) commenced over a year ago. Besides the NAB, Westpac, one of the top banking institutions in Australia, has also tapped the RippleNet solution as the go-to outlet for its cross-border payments settlements.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Liquid Avatar Technologies Inc. Launches First-Ever Payment Card and Loyalty Program for the Metaverse
Liquid Avatar Technologies | Cara Buckspan | Mar 21, 2022
Users Have the Opportunity to Earn Points and Cash Back while Participating in Quests and Games by Shopping in the Aftermath Islands Metaverse
TORONTO, ON / ACCESSWIRE / March 21, 2022 / Liquid Avatar Technologies Inc. (CSE:LQID)(OTCQB:LQAVF)(FRA:4T51) Liquid Avatar Technologies, a global blockchain and fintech solutions company, focused on digital identity, integrated avatars and the Metaverse, is excited to announce the launch of the first-ever payment card and loyalty program created specifically for the Metaverse. The LQID card is a physical prepaid debit card powered by OptimizeFT's Engage360 payment card and digital banking solutions platform, available in the United States. The card can earn the holder cashback by shopping at Liquidshopz and earn points by participating in Aftermath Islands Metaverse activities.
See: Liquid Avatar Technologies and Dynamics Inc. Tap Payment Infrastructure for Verification of Digital Credentials
To activate an increased and widespread adoption of and participation in Metaverse experiences, Liquid Avatar Technologies is proud to be the first to attach loyalty and a loyalty earning payment card to purchasing land, products, games etc., in the Metaverse, in a manner people are already familiar and engaged with in the real world.
"We're excited to offer the very first payment card for the Metaverse, supporting individuals and entities as they engage in virtual activities," said Michael Konikoff, Chief Revenue Officer, Liquid Avatar Technologies Inc. "In addition to retail and online payment opportunities, users of the LQID card will be able to experience exciting Virtual Land and NFT opportunities at Aftermath Islands and other immersive experiences."
The loyalty program is aimed at driving incremental spend on the card and initially, within Aftermath Islands, increasing customer engagement, retention, and lifetime value. The ability to accept traditional forms of payment especially with a loyalty schema attached to it, lowers the barriers to entry and will set Aftermath Islands apart from other Metaverse experiences that only accept Cryptocurrency. Cardholders will be able to earn loyalty points whenever they use the card, both online and offline. When they transact in Aftermath Islands using their LQID card, they will not only earn loyalty points on the value of the transaction, but also get the double dip effect of earning loyalty points on the card as well. Accrued points can be redeemed for Aftermath Islands virtual gift cards that can be used when purchasing Virtual Land and other goods in the Aftermath Islands Metaverse.
See: Lethbridge College heading into metaverse with online campus
Liquid Avatar Technologies is a leader in the Metaverse through its development of Aftermath Islands, associated themed islands and utilitarian NFTs, customizable 3D Meta Avatars as part of the Meta Hero Project™, verifiable credential-backed digital identity, and partnering with Game Credits for the first-ever Multiverse Collective, a collaborative effort that will allow interoperability between two or more Metaverses. Liquid Avatar recently announced FAB and Vegas Islands, along with hover bikes and submarines as part of the Aftermath Islands experience, as well as its first mobile play-to-earn game - The Lost Kingdom of T'Sara - that will allow players to earn rewards by completing time and skill activities.
View the original release --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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QR Code Triggers Instant Crypto Payments and Self-serve Frosty
Cointelegraph | Arnold Kirimi | Mar 17, 2022
Using their Lightning Network-supporting wallets, participants were able to receive their own beer, poured just seconds after completing the transaction by scanning a QR code.
Pubinno, a San Francisco-based technology firm that creates the "Internet of Beer" with artificial intelligence, robotics and cloud computing platforms, has now integrated a Bitcoin (BTC) payment infrastructure into its system.
By using their Lightning Network-supporting wallets, participants could receive their own beer, poured just seconds after scanning a QR code to complete the transaction.
See: The Most Efficient Payment System In The World: Bitcoin And The Lightning Network
According to Pubinno CEO Can Algul, the Smart Tap system was created in 2016 and employs blockchain technology to link the future of draft beer with the future of transactions. Cointelegraph had a chance to chat with Algul about the Smart Tap system.
Allows bar owners to get paid in seconds with little or no commissions, and with the self-serve capability of the smart tap system, they may save a lot of money on labor costs.
Algul explained how blockchain technology influenced his decision to utilize the Lightning Network for payments, stating that:
"We worked on Lightning Network because it is dependent upon the underlying technology of blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants, which are able to transact at high volume and high speed with low gas fees."
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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BoC and MIT announce joint CBDC collaboration
Bank of Canada | Release | March 16, 2022
The Bank of Canada and the Massachusetts Institute of Technology (MIT) today announced an agreement to collaborate on a twelve-month research project on Central Bank Digital Currency (CBDC). The Bank will work with the MIT Media Lab’s Digital Currency Initiative team to explore how advanced technologies could affect the potential design of a CBDC, building on the DCI’s ongoing research into CBDC. This exploration will help inform the Bank of Canada’s research effort into CBDC.
See: Latest from BIS and a group of 7 central banks including Canada on retail CBDCs
The project forms part of the Bank’s wider research and development agenda on digital currencies and fintech. It will focus on exploring and experimenting with potential technology approaches to determine how a CBDC could work. No decision has been made on whether to introduce a CBDC in Canada.
The Bank of Canada will provide an update on the findings and outcomes at the end of the project period.
View the original press release --> here
Ledger Insights | March 16, 2022
Today the Bank of Canada announced it will work with the Massachusetts Institute of Technology (MIT) for its central bank digital currency (CBDC) research. The twelve month project is with the MIT Media Lab Digital Currency Initiative (DCI), the same group that is working with the Federal Reserve Bank of Boston on Project Hamilton.
As with Project Hamilton, the focus is on experimenting with different technical approaches. And the Bank of Canada emphasized that it has not yet made a decision about issuing a CBDC.
See: Bank of Canada Staff Paper: Bitcoin Adoption and Beliefs in Canada
Previously the central bank has cited the launch of a U.S. digital dollar as a possible trigger for Canada to launch its own because of concerns that Canadians might start to use U.S. dollars to a greater extent. President Biden’s digital assets executive order set a concrete timeline for a U.S. CBDC report and legislative agenda, effectively accelerating the United States’ research efforts.
The Bank of Canada has been exploring CBDC for several years. A year ago, it ran a university competition and published the winning three papers.
For its part, MIT’s DCI has a particular approach. For several years the DCI has contributed code to Bitcoin core, and it looks to leverage some of the benefits of cryptocurrencies in its CBDC work. However, in Project Hamilton, the decision was not to use a blockchain for speed benefits, but it uses the same unspent transaction output (UTXO) that Bitcoin uses. MIT also releases all its work as open source.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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