Bank of England distributes cash
2022.12.14 08:24
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Bank of England distributes cash
Budrigannews.com – On Wednesday, the Bank of England announced its plans to regulate wholesale cash distribution in Britain. This will ensure that customers and businesses can easily access bank notes and coins as a means of payment despite a decline in usage.
Last year, cash only made up 15% of all purchases at major UK retailers. In May, the government said it would write laws to make sure providers could keep up with demand.
According to the BoE, “declining cash volumes have caused inefficiencies that are putting pressure on the UK cash infrastructure, creating risks of disruption to consumers and businesses who need access to cash.”
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The BoE is proposing legislation for public comment, which would grant the central bank new authority to regulate wholesale cash distribution businesses.
The BoE wants the authority to levy fines, enforce supervisory instructions given to cash distribution companies, and demand information, like profitability and medium-term plans, that is currently only provided voluntarily.
The BoE stated that, despite the sector’s fragmentation, a single systemically important cash distributor would require regulation similar to that of a major payments platform.
