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Cash is on Its Way Out, Says Bank of England as It Pushes State-Backed ‘Britcoin’ Digital Currency
-Chris Summers
The International Monetary Fund, the US Treasury, billionaire Bill Gates and major financial institutions such as Visa and Mastercard are all lobbying for cash to be abolished and replaced with digital-only currencies. Now the Bank of England has joined the chorus.
The Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has called for a state digital currency to be created and says the dash for a cashless society is speeding up.
Sir Jon said: “Central bank state-issued money is disappearing. It’s no longer a full service settling assets. There are places in London where you can’t use it in face-to-face transactions.”
Sir Jon said: “State money is the safest, despite what some of the crypto advocates say. Money issued by central banks is the safest asset.”
He told the podcast: “Cash is going to disappear, and the question is going to be what role can a CBDC (central bank digital currency) play.”