Digital Pound Likely This Decade, Treasury Says

[Longcol]

6 hours ago, RollingJ said:

If, like me, you do 99.9999% of your financial transactions by card, you are using 'digital currency'.

I live in a rural area of France and the only regular cash transactions I make are twice a year to the local farmer for the firewood I get off him, and once a month when we tip the staff in the local restaurant.

 

Everything else is digital.

 

When we come to the UK, only thing I use cash for is bus fares in Sheffield and a visit to the chippy. Not sure why a separate digital currency is needed when sterling  can be used for both digital and cash transactions.

[ECCOnoob]

6 minutes ago, The_DADDY said:

Yes it will. Sadly its inevitable 

Nothing 'sadly' about it. It's called progress.

 

That piece of paper you carry around desperately clinging on to is in itself worth sod all until some  authority declares what value it's worth.  It is nothing more than a promissary note tagged onto  and assessed by the value of some other commodity.

 

It is simply just a means of transaction. It could be brass washers or marbles or rocks or magic beans for all it matters. It's perfectly obvious that as time moves on and everything in our lives is becoming touched by the silicone chip our currency will do the same.

[XPertByExperien]

2 minutes ago, Longcol said:

I live in a rural area of France and the only regular cash transactions I make are twice a year to the local farmer for the firewood I get off him, and once a month when we tip the staff in the local restaurant.

 

Everything else is digital.

 

When we come to the UK, only thing I use cash for is bus fares in Sheffield and a visit to the chippy. Not sure why a separate digital currency is needed when sterling  can be used for both digital and cash transactions.

More to the point, there's too much fraud on cash cards as it is IMO, if we become a "cashless" society and everyone's forced to use their card to pay for stuff, that's liable to get much MUCH worse.

 

Also, under current laws, people can't get a credit/debit card till they turn 18, what do kids do? They wouldn't be able to borrow money off their Parents because the Parents ain't got no cash, and can't let the kids use their card!

 

 

 

Edited March 15, 2023 by XPertByExperien
More detail and a small rant

[The_DADDY]

Just now, Padders said:

Agree Daddy...

It's progress, I'm an old git, and us old gits love cash..

My two daughters don't know what cash is..

We will  become a cashless society in the not to distant future...

As you say "It's inevitable"

Hmmm, yeah the younger generation are definitely like that aren't they fella. I'm like you I'm old and much prefer cash. 

I always use it wherever possible. It'll be a sad day when we wave goodbye to it.

[RollingJ]

1 minute ago, Longcol said:

I live in a rural area of France and the only regular cash transactions I make are twice a year to the local farmer for the firewood I get off him, and once a month when we tip the staff in the local restaurant.

 

Everything else is digital.

 

When we come to the UK, only thing I use cash for is bus fares in Sheffield and a visit to the chippy. Not sure why a separate digital currency is needed when sterling  can be used for both digital and cash transactions.

Take your point,  but I don't know what form this digital currency will take or how it will be used - do you?

[Longcol]

Just now, XPertByExperien said:

More to the point, there's too much fraud on cash cards as it is IMO, if we become a "cashless" society and everyone's forced to use their card to pay for stuff, that's liable to get much MUCH worse.

 

 

Never been short changed using cash?

 

I like the option of both - but 99% of transactions I do are digital and likely to continue that way.

[The_DADDY]

2 minutes ago, ECCOnoob said:

Nothing 'sadly' about it. It's called progress.

 

That piece of paper you carry around desperately clinging on to is in itself worth sod all until some  authority declares what value it's worth.  It is nothing more than a promissary note tagged onto  and assessed by the value of some other commodity.

 

It is simply just a means of transaction. It could be brass washers or marbles or rocks or magic beans for all it matters. It's perfectly obvious that as time moves on and everything in our lives is becoming touched by the silicone chip our currency will do the same.

Do me a favour? Can you reword that post a bit please? I'm sure you can be even more condescending if you really put the effort in 🙄

[RollingJ]

3 minutes ago, XPertByExperien said:

More to the point, there's too much fraud on cash cards as it is IMO, if we become a "cashless" society and everyone's forced to use their card to pay for stuff, that's liable to get much MUCH worse.

 

 

What 'fraud'? - serious question.

[XPertByExperien]

Just now, Longcol said:

Never been short changed using cash?

 

I like the option of both - but 99% of transactions I do are digital and likely to continue that way.

No because I always check before leaving the shop, and the VERY rare time I do get short changed, I always say summat.

 

 

[The_DADDY]

3 minutes ago, XPertByExperien said:

More to the point, there's too much fraud on cash cards as it is IMO, if we become a "cashless" society and everyone's forced to use their card to pay for stuff, that's liable to get much MUCH worse.

 

Also, under current laws, people can't get a credit/debit card till they turn 18, what do kids do? They wouldn't be able to borrow money off their Parents because the Parents ain't got no cash, and can't let the kids use their card!

 

 

 

Wrong.

2 minutes ago, RollingJ said:

Take your point,  but I don't know what form this digital currency will take or how it will be used - do you?

Could be just straightforward digital cash?

Could be a form of control?

Could be linked to your 'carbon footprint' where algorithms decide if you've bought too much, travelled to far etc?