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 on card payments, and difficulties in withdrawing and depositing cash.
Now the technocrats have been summoned together in committee by the Bank of England, at the behest of HMTreasury and its political masters, to plan the next step: the total abolition of cash and its replacement with ‘Britcoin’, a Central Bank Digital Currency.
And, of course, without clearing up the debris.
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