The transition to a cashless society is accelerating, said the Deputy Governor of the Bank of England, John Kunlif, and called for the introduction of the state digital currency.
– The money issued by the central bank is disappearing. It is no longer fully intended for payments. There are places in London where you can’t use cash, said Kunlif in the podcast “Swap”, which is a production of the International Association for Financial Swaps and Derivatives.
The Bank of England announced that 70 billion pounds in banknotes are in circulation, twice as much as a decade ago. This includes cash in citizens’ wallets, store cash registers, banks and ATMs. However, the Bank of England adds that “they are large abroad and are used for illegal business, in the so-called gray economy”.
Card payments became dominant in England compared to cash back in 2017. In recent years, the global trend is moving towards a cashless society, which has accelerated in the coronary virus pandemic. Because of the fear of transmitting the virus through money, many businesses advocate card payments. Also, the International Monetary Fund, the US Treasury, large financial institutions such as Visa and MasterCard, but also billionaire Bill Gates are advocating the abandonment of cash and the use of digital currencies, which is now joined by the Bank of England, writes Sputnik International
The Bank of England is considering the introduction of the state digital currency, which has already been named “Britcoin”, and the comments of the deputy governor of that institution come at the time of the explosion in the cryptocurrency market, which their advocates say are “decentralized”.
-Psychologically, I don’t think people understand the money they have. Why would I? They don’t understand electricity either, but they use it. You just want to use it and you know it’s safe. Most people know about the dollar, the pound or the euro, it is money for them, said John Kunlif, adding that people would experience stress if they did not have access to cash.
-State money is the safest, despite what cryptocurrency proponents say. The money issued by central banks is the safest, he said.
The Deputy Governor of England predicts that cash will disappear and that the question is what role the “central banks of digital currencies” can play.
The English media state that Kunlif’s statements are part of the effort to gain the support of politicians and the public for the introduction of state digital currencies.
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