Weighing in on the evolution of payments back in June 2021, Victoria Cleland, Executive Director for Banking, Payments and Innovation of the Bank of England, stated that the world had moved on “from a time when cash was king,” and insisted that digital money could, “contribute to faster, cheaper, and more efficient payments.”
In the coming years, it will be become increasingly more challenging to spend paper money amid the overwhelming shift to electronic payments, the Bank of England has underscored. In light of this trend, it is imperative to be prepared for that eventuality, and develop an electronic version of the pound sterling, the bank’s deputy governor told the Innovate Finance Global Summit 2023 (IFGS) at London’s Guildhall. Expounding upon what he called a “very clear” move away from physical banknotes to electronic payments, Sir Jon Cunliffe said:
“Cash is likely to decline further and cash itself will become […]
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