At a time when many worry about the implications of introducing CBDC, central bank digital currency, legislation, ensuring cash stays in circulation, is essential. The concern is that a centralised digital system, with no alternative currency, gives government total control over its citizens, paving a path to the CCP social credit system – a system quite at odds with liberal democracy. Social credit systems allow governments control over every aspect of its citizens’ lives, enabling them to disconnect citizens from society, at the click of a keyboard or algorithm setting.
The Financial Services and Markets Bill (1) currently passing through UK Parliament has two clauses designed to ensure that all UK citizens continue to be able to use cash. Businesses need to continue trading in cash and everyone needs easy geographical access to withdraw it. This Bill has already passed through the House of Commons and is awaiting a second reading in the House of Lords, which is due before mid January 2023.
But just what does this Bill stipulate about ensuring the future use of cash in the UK? These are the two clauses relating to access to cash in Part 2 of Chapter 3 of the Bill:
I am hoping someone with sufficient legal understanding and knowledge of these proposals can inform us. If anyone has direct knowledge or knows someone who does, please contribute in the comments.