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In essence, bank accounts are somewhat pointless in the modern age. Banks are all required to provide the same service (more or less) and waste a shitton of mon
by wuiheerfoj 4y ago
In essence, bank accounts are somewhat pointless in the modern age. Banks are all required to provide the same service (more or less) and waste a shitton of money to make it happen and be regulated for it.
Obviously getting rid of consumer bank accounts overnight would be a fiscal catastrophe, so they’re going to phase them out to ease the blow.
That’s my 2c anyway
- mjburgess 4y agoThis is a good way of putting it. Pounds in your bank aren't "digital currency" in this sense. They're privately provide bank IOUs. You still need cash to avoid using a bank. With digital pounds, you can "stuff cash under your mattress" and use it without a bank. Iirc, the central bank keeps an anonymous ledger that you have "digital access" to. You can use an intermediary, eg., a bank, to keep track of the transaction and prevent deannonymisation by the central bank. Though i think you can also completely avoid that too.
- nordsieck 4y ago> Obviously getting rid of consumer bank accounts overnight would be a fiscal catastrophe, so they’re going to phase them out to ease the blow. I don't know how the UK is run, but in the US, it wouldn't matter at all. Banks could easily replace all deposits with a loan from the Fed. The annoying part would be figuring out how ATMs get funded. I'd be fine with a few government ATMs (police stations, city hall, DMV, etc. would be obvious places) and the rest paid, though.