FTX shines a light on crypto people – do we want them replacing our UK cash with their digital currency?

Sir Jon Cunliffe, Deputy Governor of Financial Stability, Bank of England, sees no contradiction between the rampant instability on Planet Cryptocurrency and the Bank’s plans to replace our cash with its own UK version of a cryptocurrency. This is the message today from the most senior person responsible for the stability of the UK currency.

Welcome […]

‘CAPTURE’ – a major new paper on the committees considering a UK Central Bank Digital Currency

UK payments have, over the last ten years, become increasingly digital and become the domain of a technocratic elite, working in tandem with Big Tech and the major payment card brands.

The UK’s ‘digital payments journey’ thus far has left an amount of damaging debris on the road behind it: Authorized Push Payment Fraud, inflationary Deductions-from-face-value […]

The Payment Systems Regulator’s PS22/2 Card-acquiring market remedies: final decision = surrender

On 6th October 2022 the PSR published its Final Decisions on its major and multi-year ‘work’ on the costs of accepting card payments for merchants. Costs, in this case, focuses on the service fees paid by a merchant to its appointed merchant acquirer. The all-in costs include the deductions-from-face-value, which the PSR has elected to […]

Apparatus for UK’s financial management is dead in the water

A major change in the financial management of the UK is needed. The current upsurge in inflation may have been triggered by energy prices, but the seedbed for it has been in the creation since the Global Financial Crisis (GFC) of 2007/8. Policy formulation has receded into a […]

Promised legal protection for cash is a further nail in its coffin

The Queen’s Speech, delivered on 10 May 2022, promises legal protection for access to physical cash. The protection is to be afforded in a new Financial Services and Markets Bill (the ‘Bill’). One might be forgiven for believing that this will ensure economically viable and convenient […]

The anti-cash lobby – Migrant Remittances and COVID-19

While the
anti-cash lobby are busy like performing seals applauding the supposed shift to
digital payment means that COVID-19 will usher in, a concern that has gone
under the radar is that it must be possible, during the pandemic, for
remittances to flow, and quickly, and without massive fee deductions, from
members of a community that wish to render financial […]

The anti-cash lobby – Migrant Remittances

Recent extent of spread of COVID-19

Migrant Remittances are associated with Money Services
Businesses (“MSBs”), where the migrant in question delivers cover for the
payment order in cash, and the MSB transfers the proceeds to the beneficiary,
typically friends and family in the country that is home to the counterpart
community of the one in the sender’s country to which […]

The anti-cash lobby – national or international authorities as fellow travellers

In a previous blog I cited, as fellow travellers of the
anti-cash lobby, national or international authorities charged with enabling
the meeting of UN Development Goals, and accepting that the way these will be
met is through Fintech, rather than on the back of cash.

A prime example of such a national organisation is the UK’s
DfID or the Department […]

The anti-cash lobby – principals

It must be absolutely obvious who are the principals in the campaign
to eliminate cash – it’s the card issuers and the card brands. Both have
serious financial interests in play.

In the UK the major banks have reduced their branch networks and with it their ATM estates – to cut costs. Theirs is a major cost reduction […]