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The paper says:

"The holy grail of cross-border payments is a solution allowing cross-border payments to be immediate,
cheap, universal, and settled in a secure settlement medium."

It looks like TRIO payment system answers all 4 requirements NOW. No need to wait for 10 years...

This is not a ban on self hosted, non custodial crypto wallets , but a call to action for endorsement of named (identity-bound) wallets , such as TRIO.

The average Consumer will ask this simple question : Is my digital wallet for cryptocurrency is more secure than banking app. for fiat currency? The answer , at the moment , is NO. Let's discuss the cybersecurity first! 

The only question I have : how come these financial institutions in Europe and the US didn't saw this coming? Does it surprise them that static data can be stolen? 

To resolve the problem one needs to add a Real-time Identity Construct URL into the invoice. For those of you interested in more details- please contact me privately. 

To prevent the social-engineered push payments fraud- the payer must include the digitally-signed bank attestation of Business Name , Business Purpose and IBAN. For example https://saas.id-bound.com/z1/2_2120

Unfortunetly, crime does not follow laws or regulations. The result is a multi-trillion financial crime fueling global cartels and terrorism. The binding between the money flow and identities is the way to deal with the problem at its core. 

The greatest unresolved issue of Global Finance System is Multi-Trillion $ Financial Crime incliding Money Laundering. None of the schemes mentioned above provide a meaningful remedy.

The greatest adavantage of crypto-currency is the possibility of binding money transfer with parties identities , thus providing the technological basis to fight the Financial Crime.

"The user of a digital euro - whether man or machine - must be clearly identifiable," the paper concludes. "This requires a European or, better still, a global identity standard. With every form of digital money, customers should be identified using a standard that is just as strict as that which banks and other obligated entities are required to apply under current legal framework pursuing the combat against money laundering and terrorist financing."

The way to go is to bind the crypto-currency with identity!

But if Barclaycard transactions are low-risk to begin with - then surely they do not need to apply SCA  and they customers do not feel the "pain" of SCA. What are the "news" then , if you are exempt ? 

The question remains: did anybody applied SCA after Sept. 14 and what was the impact !