The evolution of Domestic Schemes for the new economy

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The 2021 iteration of the Domestic Payments Jury Report shows domestic schemes morphing into new payments channels in response to the COVID-19 pandemic – and challenging our perception of what it means to be a “domestic” payment scheme.

This report solicited responses from 43 domestic payments players globally, with the majority of respondents coming from Europe, the Middle East and Africa.

Around the world, the report found evidence of so-called “domestic” payment schemes branching out to offer regional and international competition to international card schemes.

Russia’s MIR – long the dominant player in its home market – has now expanded

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Global economy “recovering fully,” suggests Atradius

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More specifically, advanced economies are forecast to grow 5.8% this year. This would more than make up for the cumulative drop in gross domestic product (GDP) in 2020, highlighted Atradius.

“Some of the uncertainty that hung over the market last year has disappeared,” stated the insurer in a release. “In the US, President Joe Biden is expected to follow a more consistent policy than his predecessor did. Furthermore, the Biden administration has implemented several fiscal stimulus bills, boosting GDP growth in the US and elsewhere.

“The outlook for the UK is also substantially brighter than it was at the beginning

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Swiss Re report notes the biggest long-term threat to global economy

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Hitting those targets will require more than what is currently pledged, and both the public and private sectors will play vital roles in accelerating the transition to net-zero, the Swiss Re Institute said.

The institute conducted a stress test to examine how 48 economies would be impacted by the effects of climate change under four different temperature-increase scenarios. As global warming increases the impact of weather-related natural disasters, it can lead to dramatic losses in income and productivity over time, the institute said. For example, rising sea levels result in loss of productive land, and heat stress can lead to

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Could CBDC push shadow economy further into the darkness of crypto?

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If central bank continue to push CBDC and move towards digital cash it is likely to force a shadow economy worth trillions of dollars to recede further into the darkness.

A big issue for governments and central banks then is the extent to which it’s already going there – or whether the latest explosion in cryptocurrency values, for example, is at least partly pricing its imminent arrival – writes Mike Dolan, editor, finance and markets, Reuters.

Monetary authorities from Beijing to Frankfurt have over the past year accelerated plans for legal tender in digital format, in part to keep

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