Big banks and tech firms like Facebook are vying for control of our digital money and payment system. And with the use of cash declining (the only truly public currency available to us), in the last few decades our money system has become more and more privatised.
But a Central Bank Digital Currency would be a form of public digital money. And if they make it available to everyone, it could bring lots of benefits, such as:
➡️ We could all hold bank accounts directly at the Bank of England (perhaps with access via the public Post Office), instead of relying on private banks
➡️ It would ‘end ‘too big to fail’ banking’. The public would no longer be forced to bail out banks to save the payments system, because we’ll have a secure public one instead
➡️ It would make sure the unbanked or underbanked are no longer financially excluded and cut out extortionate banking fees
➡️ It would allow the government to send money directly to households, so it could pave the way for policies like universal basic income
Democratising money has been at the heart of Positive Money’s work since we started as a movement in 2010. [3] Money should be a tool that’s issued by a public body and available to everyone. Having a money system we can trust is the foundation of a fair democracy.
Positive Money’s power comes from the people who read these emails and take action together. This email’s going to nearly 30,000 people. Earlier this year we won a new mandate for the Bank of England together with partners. [4] Together, we can challenge the dominance of private banks by responding to this survey in our thousands.
It’s a rare opportunity for us to demand a truly public payments system - one that prioritises people’s needs over the profits of a few greedy companies.
Are you ready to help revolutionise the banking system, John? Please will you answer the Bank of England’s survey in one minute now? It’s important that thousands of us make our voices heard before Tuesday’s deadline.