Today the Bank of England published a discussion paper: “Central Bank Digital Currency: opportunities, challenges and design”. It also plans to run a webinar in early April.
The paper starts by outlining one of the drivers behind a consumer-focused Central Bank Digital Currency (CBDC) – the declining use of cash.
In 2006, 63% of payments were cash, and 13% used debit cards. In 2018 just 28% of volumes used cash, and 39% of payments were via debit cards, with increasing use of automated bank payments and credit cards. So the Bank asks, as the most trusted issuer, should it offer electronic money to complement cash?
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