The Bank of England's chief economist has floated the prospect of abolishing paper cash and replacing it with a state-backed digital currency as a way of facilitating negative interest rates.
Demand for cash is unlikely to be severely dented by the growing availability of alternative forms of payment over the coming years, declares the Bank of England in its quarterly bulletin, noting that half of all UK banknotes are active in the black market or held overseas.
The UK's next £20 note will be printed on polymer in a move to make the paper currency more secure and durable.
An American football match in September led to some heart-stopping moments for a Bank of England team tasked with monitoring Twitter for sentiment about a potential bank run in the build up to the Scottish independence referendum.
The Bank of England has today published a consultation document setting out in detail plans first announced in March 2015 for a new sterling money market data collection. The consultation also sets out, at a high level, how the Bank plans to use these data to reform the Sterling Overnight Index Average (SONIA) benchmark interest rate.
A London-based start-up that invests in the technology behind crypto-currency bitcoin is planning to list on London's AIM in what is believed to be the first IPO for a blockchain company.
Our goal is to bring more of our thinking into the public domain and to showcase our analytical and research output. We hope to contribute to the wider debate on areas that are relevant to the Bank’s work.
Cash Services, the industry body for notes and coins, today published a Review of the first implementation phase of the Code of Conduct for the Authentication of Machine-Dispensed Banknotes (‘the Code’).
The Bank of England has been told it needs to improve contingency arrangements and strengthen its crisis management framework following an independent review of the ten-hour breakdown in the operation of the UK's high value payments system, Chaps, last year.
Like its counterparts in the US, the Bank of England is pondering the implications of issuing its own digital currency.
© Finextra Research 2015