UK moving to protect future of cash

[dufus]

 

Britain is taking steps to ensure that people who rely on cash, including vulnerable groups and local communities across the UK, can access it as and when they need it.

 

The UK Treasury is expected to start talks with the industry and regulators - the Bank of England, Financial Conduct Authority and Payment Systems Regulator - around legislation immediately after the March 11 Budget.

 

The rapid disappearance of many bank branches and free-to-use ATMs has fuelled concerns about people's ability to continuing accessing coins and notes.

 

Around two million people in the UK still rely on cash for their day-to-day spending - with three in 10 payments still made using notes and coins.

 

In 2018, 50 million adults used cash machines, with 87% of them using one at least once a month.

 

Consumer group Which? recently wrote to Chancellor Rishi Sunak calling for legislation that protects cash for as long as it is needed.

 

The letter read: "In the past two years, 9,000 free cash machines and 1,200 bank branches have vanished.

 

"If things carry on as they are, cash as we know it will cease to exist in just two years."

 

Similar calls have come from the business sector, with the Association of Convenience Stores, the British Retail Consortium and the Federation of Small Businesses urging the Chancellor to secure long-term access to cash across the UK.

 

BRC head of payments policy Andrew Cregan said earlier this week: "Cash accounts for almost 40% of retail transactions and is important to many vulnerable people, especially as a tool for budgeting and control."

 

sauce

[humble3d]

If paper money is infected or is a vector for a virus,  we could be facing no money... 😬

[dufus]

11 hours ago, humble3d said:

no money... 😬

 no freedom....😨