Cash to become ‘less usable’: BoE

It’s no secret that digital payments are fast outpacing cash. Speaking at the Innovate Finance Global Summit on Monday, deputy governor of the Bank of England, Sir Jon Cunliffe, warned that cash would become "less usable", noting the increasing difficulty in spending physical money due to the rise of online shopping and contactless payments. This follows a speech by the Bank’s executive director of payments in 2021 forecasting that only 9% of payments would be made in physical currency by 2028. In addition, Cunliffe said that an electronic version of sterling, which would anchor stablecoins cryptocurrency, was currently being explored. 

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