Digital innovation is not only changing the way we make payments, but it also has the potential to transform the wider financial system. This presents huge opportunities for Britain’s economy, as well as risks.
New forms of digital money have captured the public imagination, with cryptocurrencies claiming to offer alternatives to the banking system. Meanwhile, existing national currencies, from the US Dollar to the Chinese Yuan are being digitised through central bank digital currencies. How do we make sure they’re developed in a way that works for everyone?
People must have the freedom to choose between digital and traditional payment options like cash, which millions still rely on. The Conservative Party has taken welcome steps to protect access to cash, but how can we integrate the vital role played by notes and coins, as well as in-person banking services, into a fairer economy of the future?
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