Dear MEL Topic Readers,
Is this the digital future for Bank of
England banknotes?
Which money do you prefer, paper or digital?
While many people still prefer using hard cash like Japan or Italy, people in
America and Korea have been used to use plastic cards like Visa or Master. In China,
most of the consumers seem to have abandoned the use of cash or card and instead,
pay nearly everything by their smartphones. So, what is the future of currency?
Now, the Bank of England is thinking about introducing
electronic banknotes for consumers and businesses. It is not intended to
replace paper banknotes but to complement them. The digital currency is not the
money currently held in the bank or transmitted among individuals and
businesses. Unlike encrypted currencies, it is a new form of money issued by
the central bank and is guaranteed to have the same value as already issued paper
money. So, instead of withdrawing banknotes from an ATM, you could load digital
money to your account.
Sounds assured? You may have a choice in the future
if you want the salary paid by paper or digital.
Enjoy reading the article and think if digital
currency adds more benefits or convenience.
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