The future of money is digital, but is it bitcoin?

 

Don’t be surprised if by the end of the current decade, the e-wallet on your smartphone resembles a multicurrency account. But instead of dealing with commercial banks, you may be a customer of central banks. Several of them, in fact

 

THE idea that much of today’s cash use will shift to digital tokens is neither faddish nor outlandish, as long as you don’t start equating the future of money with bitcoin.

Sure, governments will borrow some elements of the distributed ledger technology behind private cryptocurrencies, but they will very much want to retain control of what circulates as money in their economies. Some will succeed.

Don’t be surprised if by the end of the current decade, the e-wallet on your smartphone resembles a multicurrency account. But instead of dealing with commercial banks, you may be a customer of central banks. Several of them, in fact.

Sound far-fetched? Apart from the Bahamian Sand Dollar, there’s no official online currency in mass circulation yet.

Still, digital yuan pilots are gathering pace as Beijing aims for a possible rollout coinciding with the 2022 Winter Olympics.

Sweden may be the next major nation to follow suit. The Bank of Japan has no immediate plans, but it acknowledges the possibility “of a surge in public demand” for official digital cash going forward.

Even in the US, which is only toying with the concept, digital payment vehicles that don’t rely on traditional bank accounts can increase financial inclusion among cash users, according to a September 2020 paper by Federal Reserve Bank of Atlanta president Raphael Bostic and others. Treasury Secretary Janet Yellen says a digital dollar is “absolutely worth looking at”.

Once China and the US are both in the fray, virtual money is bound to become a tool for wielding global influence by carving up the world into new currency blocs. That’s because any token will have dual uses outsidethe issuing nation’s borders.

The dollar or yuan that pops up in a phone wallet in Indonesia or India – backed by a solemn promise of taxpayers in the US or China – could be used for buying goods, services or assets internationally.

Just as easily, this new money can end up replacing domestic currency in people’s daily lives. Although this is no different from traditional dollarisation that occurs in countries plagued by inflation and exchange rate volatility, the convenience and accessibility of central bank-issued digital cash could enable “substitution at a faster pace and larger scale,” according to Tao Zhang, a deputy managing director at the International Monetary Fund (IMF). To stay in control of monetary policy, authorities in smaller economies will need their tokens to be attractive in domestic situations.

The goal for bigger nations may be different: China and the US may want to offer add-ons that make the E-CNY or the Fedcoin the preferred choice for foreigners in settling international claims.

An efficient future will be one in which all central banks’ digital currencies are interoperable. In other words, they’ll interact with one another – and with private-sector alternatives including bitcoin, says Sky Guo, the chief executive of Cypherium.

The US enterprise blockchain startup is a member of the Fed’s Faster Payments Council and of the digital monetary institute of the Official Monetary and Financial Institutions Forum, or OMFIF, a central banking think tank.

Guo is working on the challenges that will arise when sovereign money gets digitised:

How to process high volumes of transactions quickly, cheaply, and with a strong consensus among registries updated automatically across a network? How to give people a sense of privacy in everyday payments, even after the anonymity of cash is lost?

Central banks will have to make choices. Not all smartphones can run advanced virtual machines, effortlessly executing the software code for automated contracts.

Choose the wrong technology, and the unbanked population might once again get excluded. Ditto for overseas remittances, a US$124 trillion-a-year opportunity for tokens to replace an expensive network of correspondent banks moving money by exchanging SWIFT messages.

But it won’t work for small transfers if the computing power to verify transactions in a decentralised network costs too much. The ideal technology doesn’t necessarily have to be a blockchain, but it should be something “lightweight, flexible and capable of working with legacy systems,” Guo says. Above all, the distributed ledger must be transparent.

There will be other obstacles. “A driving force for lobbying against central bank digital currencies has been established among payment processing giants like Paypal, Venmo and Stripe,” Guo tells me. “Fedcoin won’t need these intermediaries to send funds.

As these companies fall victim to innovation, it’ll be interesting to see how they try to protect themselves from disruption.”

Paypal Holdings Inc, which owns the person-to-person service Venmo, contests Guo’s assertion as false. Supporting and distributing central bank digital currencies is part of Paypal’s vision of an inclusive future, CEO Dan Schulman told investors last month.

Former Bank of England governor Mike Carney, who has proposed an alternative to the dollar through a network of central bank digital currencies, recently joined the board of Stripe Inc.

One way to resolve the tension may be to co-opt the private sector. As IMF economists Tobias Adrian and Tommaso ManciniGriffoli have argued, an official virtual currency could be like Apple’s IOS operating system, with commercial banks and e-money providers running apps on top of it.

The Apple Health app may be fine for a lay user; an athlete will want something more sophisticated. Money could go the same way.

Countries will also have to cooperate with one another. Take M-CBDC Bridge. The project for 24/7 cross-border remittances using central bank digital currencies was begun by the Hong Kong Monetary Authority and the Bank of Thailand, but has now been joined by the central bank of the United Arab Emirates and the People’s Bank of China. ─ Bloomberg

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 China takes lead in race to launch digital currencies thanks to broad mobile coverage, early innovations

The global race to launch digital currencies is fiercer as central banks from more countries explore how to use the money of the future. In the competition, China has taken the lead thanks to an early start and abundant application scenarios aided by wide broadband coverage, which analysts said will ...

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The Future of Money Is Digital, But Is It Bitcoin?

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The future of money is digital but is it Bitcoin?

https://www.deccanherald.com/business/business-news/the-future-of-money-is-digital-but-is-it-bitcoin-958338.html 

The future of money is digital, but is it bitcoin?

 

 

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Digital push

 

Go big in digital or risk being left behind. The government took full cognisance of this, which saw it roll out the Malaysia Digital Economy Blueprint or MyDigital recently.

It dove deep into the national digitalisation journey since 1996 when the Multimedia Super Corridor (MSC) was initiated and picked up on several weaknesses to address before it went back to the drawing board.

The Covid-19 pandemic and its wrath further cemented the need for digitalisation efforts, not only for the economy to rebound post-pandemic but even more so to future proof the nation from any sort of further crisis.

Minister in the Prime Minister’s Department Datuk Seri Mustapa Mohamed (pic below) said the pandemic has laid bare the weaknesses and the gap in the economic structure that has to be addressed immediately.

“Covid-19 affected the B40 more than the T20 and M40. We saw the impact from the MCO on micro, small and medium enterprises (MSMEs).

“The reality is, most of the traditional or brick and mortar business owners have to shut down because they were unable to generate any revenue for months but they still had to pay their workers and for rental. Most of them have low digital literacy and it is not easy for them to move into the digital economy quickly, ” he said in a 10-point question and answer on MyDigital.

Mustapa added that there was no other choice than to accept and adopt digital technology, where the agenda is to improve the quality of life of the people, to improve business productivity and to stimulate the country’s economic growth.

He said Malaysia is one of the countries with the highest Internet usage, far higher than Thailand and Singapore.

“During the pandemic, Internet data usage rose by approximately 30%. The government sees an importance in this in empowering the business community. Business sectors are expected to grow rapidly in line with global competition and this will give our local businesses opportunities to penetrate the global market to become even more competitive through digitalisation, ” he said.

From a macro perspective, the digital economy is expected to contribute 22.6% to the gross domestic product (GDP) by 2025.

MyDigital is also targeted to produce some 500,000 jobs in the digital economy and ensure that some 875,000 MSMEs adopt e-commerce.

For the people, the target is to achieve 100% of households with Internet access and for all students to have access to online learning.

Mustapa stressed on the importance of the blueprint in bridging the digital divide among Malaysians, between the urban and rural and between the young and old.

“The Covid-19 pandemic has raised our awareness that the adoption of digital technology needs to be expedited to protect our people from the risks of the digital economy. We are expected to see a change in the digital economic landscape towards improved digital literacy, creation of high-income jobs, a simpler and better organised banking and financial management, access to better education virtually, and the mobilisation of medical facilities to remote towns, ” he said.

For instance, Mustapa said one no longer needs to rent a shop to run a business and can do so entirely online using Facebook, Instagram or WhatsApp.

While digitalisation was not something alien to Malaysia, the minister noted that the digital foundation has to be further strengthened in a more aggressive and integrated manner.

There are three phases to the Malaysia Digital Economy Blueprint – the first phase from 2021 to 2022 on accelerating adoption to strengthen the digital foundation, the second phase from 2023 to 2025 to drive digital transformation and inclusion, and the final phase from 2026 to 2030 to become the digital product manufacturer and digital services provider for markets in the region.

“The first phase places a holistic emphasis on data and digital intelligence as the lifeblood of empowering the digital economy in Malaysia.

“In the second phase, the government will look towards an inclusive digitalisation strategy where government efforts will be focused towards digitalisation engagement on a larger scale.

“This will also see the private sector empowered with human capital to encourage innovation in business areas such as the gig economy sector whereas phase three will chart the path for strong and sustainable growth in the coming decades, ” Mustapa said.

The government also hoped that the initiatives under MyDigital will serve as a catalyst for 5,000 new start-ups in the next five years and to attract unicorn companies to operate in Malaysia due to its tremendous spillover effect. A unicorn is a privately-owned start-up valued at over US$1bil (RM4.06bil).

When the unicorns perform well, Mustapa said this will contribute to the country’s cash flow and will also become the starting point to attract new foreign and domestic investments of some RM70bil into the digital sector.

“Old or young, urban or rural, or what your level of education or career is, the blueprint is for all of us. There’s something in it for everyone. I urge all Malaysians to grab the available opportunities and make the most of it. Together, we will be able to improve the standard of living of every Malaysian, ” he said.

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Virus looms large in Penang; Foreign worker tests behind rise in factory clusters

 

In the final week of February, Penang saw 922 new cases.

PENANG’S Covid-19 infectivity or R0 stood at 1.01 on the last day of February, compared with the national average R0 of 0.91, said Chief Minister Chow Kon Yeow.

R0 – pronounced R-naught – is an indicator showing how contagious a disease is.

Chow said in the final week of February, between Feb 21 and 27, Penang saw 922 new cases.

Out of this, 574 cases (62.25%) were locals and 348 (37.74%) comprised foreigners.

“A total of 16,180 Covid-19 tests were done throughout that week by various health facilities under the supervision of state Health Department.

“The majority of screenings were focused on close contacts of positive patients, screening at workplaces in factories as well as construction sites, and symptomatic screenings.

“For the screening of foreigners either registered under Socso’s Prihatin Screening Programme or under employers’ initiatives in manufacturing and construction, the state Health Department reported that as of Feb 28,68,939 people had undergone screening and 2,435 positive cases were detected, ” he said in a statement after attending a National Security Council (NSC) virtual meeting on the management of Covid-19 chaired by Prime Minister Tan Sri Muhyiddin Yassin on Monday.

Chow added that the current approach was aspect-based public health as well as vaccinations.

“The Health Ministry as well as Energy, Science, Technology and Innovation Ministry are urged to continue to move in tandem with the Covid-19 Immunisation Task Force (CITF), which was specially established at the state level.

“In Penang, phase one of the National Covid-19 Immunisation Programme has been running smoothly in every district.

“Our frontliners will always remain the priority as a commitment and principle held by the state government over the years.

“Let us all together make the vaccination programme a success, which is important to revive the growth of the economy in the state, ” he said.

Chow said in the NSC meeting, the technical committee was asked to examine the standard operating procedures of the tourism sector.

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Factory clusters made up about 60% of newly-detected workplace infections in the past fortnight.

Manufacturers attribute this to more tests which resulted in a steady rise in workplace clusters as the screenings were able to pick up more cases among workers. 

Covid-19 screenings for foreign workers that ended in February have been attributed to factories making up about 60% of new workplace clusters, says the Federation of Malaysian Manufacturers (FMM).

Its president Tan Sri Soh Thian Lai said one possible reason for the increase in workplace clusters was the rise in community transmission, especially after the start of the third wave of the virus last year.

“Covid-19 is already within the community with 89% of patients being asymptomatic or showing mild symptoms.

“This is despite the government’s efforts to mitigate the spread of the virus and industries implementing the necessary standard operating procedure and precautionary measures,” he said when citing a media report in December.

Soh added that it was then made mandatory for foreign workers to undergo Covid-19 screenings, effective last December.

“The mandatory screenings were conducted in phases until Feb 28.

“As a result, we have seen a steady rise in workplace clusters as the screenings were able to pick up more cases among workers, especially those who were asymptomatic,” he said.

Based on Health Ministry data from Feb 13 to 28, factories contributed to 92 out of 146 new workplace clusters (63%) that emerged in the last couple of weeks.

This is an increase from the period between Jan 28 and Feb 12, where 49% of new workplace clusters were located in factories.

Other notable workplace clusters from Feb 13 to Feb 28 were construction sites (12%), markets and restaurants (8%), public administrative centres (3%) and educational institutions (2%).

Even when including non-workplace clusters such as community clusters, factories still made up 52% of the clusters.

Among the factory clusters, about 47% were located in Johor, while Selangor and Penang made up 34% and 7% respectively.

Soh said FMM had reminded its members to implement proactive measures to prevent Covid-19 outbreaks at the workplace and at workers’ living quarters.

“Among the measures are paying greater attention to workers’ hostels and housing, ensuring compliance with strict SOP, including the requirement for physical distancing in the living environment and imposing such requirements on sub-contract workers.

“We limited the capacity of vehicles or buses ferrying workers to 50% or less to ensure physical distancing.

“We implemented measures such as working in rotations or relocating staff to minimise closure of entire sections. We also appointed a senior management member of the company to oversee SOP compliance at the workplace,” he said.

However, Soh said there had been difficulty in monitoring and controlling the activities of employees outside the workplace.

Complying with housing standards for workers also proved a challenge as there was acute shortage of accommodation space, he added.

“There is also a lack of centralised living quarters to house workers, and it has been challenging to get approvals from the local councils for the use and conversion of shoplots as accommodation,” he said.

Soh said there were also strong objections from resident associations and joint management bodies when trying to house workers in residential areas.

Scientist suggests a more effective approach to COVID-19 ...

 

Why Zoom can wipe you out

 It’s not just you: Zoom fatigue is a real thing. — Dreamstime/TNS

 

Covid-19 pandemic has moved our lives into a virtual space. Why is that so exhausting?

The tiredness doesn’t feel earned. We’re not flying an airplane, teaching toddlers or rescuing people trapped in burning buildings. Still, by the end of the day, the feeling is so universal that it has its own name: Zoom Fatigue.

Stanford University professor Jeremy Bailenson, founding director of the Stanford Virtual Human Interaction Lab, has some answers.

In research published Tuesday in the journal Technology, Mind And Behavior, he describes the psychological impact of spending hours every day on Zoom, Google Hangouts, Skype, FaceTime, or other video-calling interfaces. It’s the first peer-reviewed article to analyze zoom fatigue from a psychological perspective.

There are four major reasons, according to Bailenson, that video chats make us so weary. And he proposes some easy fixes.

We’re too close for comfort

Think of the normal meeting. You might be looking at the speaker. Or maybe you’re noticing those fancy new window blinds, your colleague’s weekend tan or the traffic on the streets below.

But on Zoom calls, everyone is staring at everyone, all the time. And our faces can appear too large.

When so many faces are so close to ours in real life, our subconscious takes it personally. It tells us: They either want to pick a fight, or have sex.

“ What’s happening, in effect, when you’re using Zoom for many, many hours is you’re in this hyper-aroused state,” according to Bailenson.

Solution: Exit out of the full-screen option to shrink face size. Use an external keyboard to create a comfortable space between yourself and the masses.

We really hate watching ourselves

For most of us, that quick morning glimpse in the mirror is all we really need. After hours of self-gazing, we turn critical.

We notice that sloppy shave job. The overdue haircut. The dead plant over our left shoulder. Or maybe the light’s all wrong, casting deep shadows, and we look like a member of the witness protection programme.

“It’s taxing on us. It’s stressful,” said Bailenson. “There are negative emotional consequences to seeing yourself in a mirror.”

Solution: Use the “hide self-view” button, which you can access by right-clicking your own photo, once your face is framed properly in the video.

We’re trapped in a chair

Humans are restless creatures. During phone calls, we like to wander around. Even if stuck at a meeting at a conference table, we find ways to stretch – leaning back in a chair or gazing pensively at the ceiling.

But with videoconferencing, we’re limited by the camera’s narrow field of view.

This is both physically and mentally deadening. “There’s a growing research now that says when people are moving, they’re performing better cognitively,” Bailenson said.

Solution:

An external camera farther away from the screen lets you doodle, release neck tension, do a seated twist or fidget, just like you do in real meetings.

Turning video off periodically during meetings is a good ground rule to set for groups, creating a brief nonverbal rest.

We can’t see body language, so it takes more energy to communicate

At their best, meetings can act like subtle symphonies, with everyone harmonising their postures, laughter and knowing glances. We read each other’s cues. Conversations have rhythm.

Not so with Zoom. There’s a rigidity, with only one speaker at a time. We must listen closely for sentence completion, so we don’t interrupt. To make an important point, we must add drama and flair. “If you want to show someone that you are agreeing with them, you have to do an exaggerated nod or put your thumbs up,” said Bailenson. “That adds cognitive load as you’re using mental calories in order to communicate.”

Solution: During long stretches of meetings, give yourself an “audio only” break.

Don’t just turn off your camera – turn your body away from the screen. Gaze at that wall that needs painting, or the birds outside the window. Maybe hang up a few clothes, even wash a few dishes.

Want to measure your own Zoom fatigue? Because so many organisations – including schools, large companies and government entities – have reached out to Stanford communication researchers to improve videoconferencing setups, the team responded by devising the Zoom Exhaustion & Fatigue Scale, or ZEF Scale, to help measure workplace exhaustion.

The goal is to help change video technologies, so stressors are reduced.

To take the survey and participate in the research project, click here. – The Mercury News/Tribhttps://www.thestar.com.my/tech/tech-news/2021/02/24/new-research-why-zoom-can-wipe-you-outune News Service

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The root of the matter: shame - shamefulness and shamelessness

A Broken Shame-Machine: the Shameful State of Political Shame

How Do You Shame The Shameless? | dagblog

dagblog.com

How Do You Shame The Shameless?

 

A new book by Malaysian grief therapist discusses shameinformed counselling and psychotherapy.

WHEN the first movement control order was implemented in March last year, grief therapist and psychotherapist Dr Edmund Ng started writing about shame. It is a subject that the 68-year-old licensed counsellor is well-acquainted with, having 15 years of professional practice under his belt.

More specifically, he had recently completed a two-year field research involving Malaysian women who have suffered perinatal losses such as miscarriages, stillbirths and neonatal deaths, and had formulated an approach to shame-informed counselling and psychotherapy that he wanted to share.

“Shame is in fact the root cause of most of the psychological problems faced by mankind. The dynamics of shame are seen in every culture around the world, although they are patterned differently and to varying degrees in different societies.

“For example, the American society also has a shame-based culture like the East, but there, shame remains hidden because the taboo on it is so strong that the people behave as if shame does not exist,” he says.

Recently, Ng’s new book, Shameinformed Counselling And Psychotherapy: Eastern And Western 

Perspectives, was published as a hardcover monograph by British publisher Routledge.

 
“It is a rare honour for a Malaysian to be able to publish a psychology book through Routledge as it is a prestigious publisher in the academic world.

“Publishing a book through Routledge is the dream of many professors of the best universities in the world. A monograph ranks above a reference book or textbook in terms of stature,” Ng says.

So what exactly is shameinformed counselling and psychotherapy?

Ng explains it succinctly: A professional intervention to resolve many psychological problems with a focus on treating not just the surface symptoms but dealing with the root cause, which originates from shame.

“The approach is used only as a supplementary intervention and not as a replacement of first-level interventions. Addressing shame this way is more appropriate because most people do not seek professional help merely over their shame, but over some other psychological manifestations, without a clue that shame is the root cause of their problems,” he explains.

Ng adds that there are hardly any educational modules on addressing shame being taught in counselling courses offered by tertiary institutions, and limited psychological literature on shame.

Of these, most are written from the Western perspective.

“However, there are differing perceptions and expressions of shame arising from the fundamental differences in the primary cultures in the East and West. So essentially, my book is written as a contribution to therapists who bemoan the fact that shame is notoriously difficult to admit, discuss and treat, especially when the patient comes from a different culture,” he says.

While Ng’s field research findings on shame in perinatal losses provide some empirical evidence of the characteristics of shame in the East in comparison with what Western literature and research tell us, other real-life case studies are also described in his book.

“I have endeavoured to write in a style that is as simple to read as possible and so the book is useful to academicians, researchers, educators, practitioners, students and laymen alike.

“Not only will the readers capture a nuanced understanding of the complex nature of shame and its differences in the East and West, they will be equipped with an effective approach to address shame’s adverse psychological effects on people,” he shares.

Interestingly, Ng notes that even in our “conservative” Malaysian society, the level of shamefulness and shamelessness is relatively high.

Shamefulness represents an extremely high level of acute shame, while shamelessness refers to a state where very little or no shame is experienced by the person at all.

“My two-year study on shame in the Klang Valley has revealed that the prevalence of shamefulness is as high as 23.8% but the prevalence of shamelessness is even higher at 33.3%.

“Research in neuroscience tells us that too high a level of shame and too little or no sense of shame can often result in irresponsible behaviour in public, due to the impairment of higher order mental processes essential for considered, good and value-based decision-making.

“This is one of the major factors that will generate more social disorders, corruption and other forms of evil in society,” he says.

Ng is also one of three Asians accredited as a Fellow in Thanatology by the Association of Death Education and Counselling (ADEC) in the United States.

Thanatology is the scientific study of dying, death and grief.

Besides grief therapy, he also specialises in personality disorders and psychological issues rooted in shame. His venture into this field happened shortly after a personal tragedy.

“For 20 years, I ran a business practice until 2005 when my first wife died from a brain aneurysm. I was devastated. To help myself, I studied psychology and counselling in Australia and then specialised in grief therapy in the United States. At that time, Malaysians hardly hear of grief counselling and its benefits,” he relates.

In 2007, together with his present wife Pauline Chong, Ng started Grace to Grieving Persons Outreach (GGP), a free community service that offers pro bono grief counselling to people who have lost their loved ones.

Today, they work together with a group of trained caregivers at GGP to provide support to those in need.

By ROUWEN LIN lifestyle@thestar.com.my 

 

 

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