Bank of England Warns They’re Going Cashless


The Bank of England deputy governor warns that physical cash will become more and more useless as shoppers embrace the Internet. The dollar and the Euro won’t be good investments. It will soon be a cashless society.

Sir Jon Cunliffe said it would become harder to spend physical money in coming years owing to the rise of online shopping and contactless payments.

There will be no stopping the cashless society!
Interior of the Old Bank of England, 2016

Speaking at the Innovate Finance Global Summit on Monday, Sir Jon said the movement from cash to digital payment is “very clear.”

Card payments took over cash as the most dominant retail payment form in 2016. By 2021, 85pc of payments were made electronically, through either card payments or bank transfers.

In a 2021 speech, Victoria Cleland, the Bank’s executive director of payments, said cash was no longer king and that by 2028 just 9pc of all payments would be made in physical currency.

The West is a big shopping mall.

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7 months ago

Check out how goods are priced on the blackmarket. If pocket cash goes, crypto will probably carve out a larger market share. If the internet goes down, other things become fungible. Humans are adaptable, mischievious, inventive, difficult to house train.

7 months ago

The result will be an underground economy and the Government collapsing. Fractional Government backed currency is a Ponzi Scheme with nothing backing the Currency but empty promises. With Digital Currency, Banks will no longer need cash reserves, the Government will just create more worthless money.

The US Dollar was backed by Oil. Biden ended new Oil exploration and in just 2 years the buying power of Americans is down over 25%. If the Pound goes Digital, the Pound will be worthless in just a few years. You can’t have the Fox, the Government, protecting the Hen House – Fiat Money. All Government Banks, not backed by hard assets, have been problematic.

There is a big difference in Crypto like Bitcoin which is backed by “multiple Government Currencies” and Digital Money backed by nothing but promises! Maybe Bitcoin should buy up all the gold and oil available on the World Market to replace the soon to be worthless British Pounds in it’s portfolio? Imagine how Stable Bitcoin would be if it was backed by Gold and Oil and valued solely on it’s Gold and Oil reserves.