Square, the mobile payment service, has been fined $507,000 by Florida’s Office of Financial Regulation for operating a payment service without a money transmission license.
In other words, Square is being regulated like an entity used to send funds from one person to another, such as Western Union. Some of us think that is crazy. Square is a retailer cash register.
But never underestimate the abiliy of an increasingly-overweight administrative state, and its legions of bureaucrats, to come up with new ways to control the lives of its citizens and impose new taxes (oh right, those are just "fees," not taxes) by fiat.
Square is not a money transfer service, such as Western Union. It is a cash register.
Friday, August 16, 2013
Is Square "Western Union?"
Gary Kim has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
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