4 ms·
The bank note issue is because, surprise, bank notes are unregulated and not part of monetary union of UK. So you have 4-5 banks that emit bank notes, and the
by p_l 4y ago
The bank note issue is because, surprise, bank notes are unregulated and not part of monetary union of UK.
So you have 4-5 banks that emit bank notes, and the only money that is actually mandated by law to be respected is coins. (England has an extra law that makes you take Bank of England notes, but it's not a law that covers all of UK).
- mihaaly 4y agoNice, even the nonregulation can be made more chaotic than it inherently is. :)
- p_l 4y agoImagine landing in a different country, only to find out that all ATMs and card terminals are dead at the airport (network failure), and the only money you have in your wallet is from one of the scottish banks. Whoever the teller at ABN AMRO at Schiphol that day was, they have my thanks till dying day for taking the scottish notes and exchanging for euro :D
- mihaaly 4y agoOi! :)