![]() It is not covered by that familiar Bank of England promise to 'pay the bearer'. This private money is not a claim on the state or backed with the resources of the state. In everyday use, only 23% of payments pre pandemic were made using public money in the form of cash, down from close to 60% a decade earlier. ![]() Singapore is an attractive place for investments and businesses. Let me now provide the backdrop to the anti-money laundering operation which we have just carried out, in particular the risks that global financial hubs like Singapore face. Today, iPlayer reaches less than 50 of BBC viewers on average per week. Around 95% of the funds people hold that can be used to make payments are now held as bank deposits rather than cash. Money Laundering Risks Which International Financial Centres Face 22. Firstly, putting digital first when we create our content. However, the majority of the money held and used by people in the UK today is not physical 'public money', issued by the state, but digital private money' issued by commercial banks. It is highly visible, trusted and, indeed, is probably the image that many people in this country have in their mind when they picture money. This is the fifth time I have had the privilege of doing so. Thank you for the invitation to speak at AusPayNets annual Summit. It would be a new way of connecting people, markets, and economies in the digital world. Public money for general use in the UK is only available in the form of physical cash. Address to the Australian Payments Network Summit 2021. Specifically, today I would like to focus on developing a new public infrastructure to connect and regulate various payment systems, to counter fragmentation of the international monetary system. It is the Bank of England, on behalf of the state, that is charged with ensuring the stable value of the currency by keeping inflation at its 2% target. These notes and coins are denominated in Pounds Sterling, the currency of the UK. Its banknotes, carrying the famous "I promise to pay the bearer" pledge are carried in millions of wallets and purses and used millions of times every day by the public to make transactions. In the UK, the Bank of England – a public institution – has been issuing money to the public for over 300 years. ![]() For this to come about, a large share of the population would need to use the digital euro on a regular basis. I should make clear that I am not talking here about public spending but rather about the form of money itself: by 'public money' I mean money issued by the state to its citizens for everyday use. A digital euro and cash would complement each other and ensure that central bank money remains a monetary anchor for the payments ecosystem and continues to serve as a means of exchange, a store of value and a unit of account. In this neat, two minute video, Eugene Volokh explains that even though money is not speech, spending during a campaign should still should be protected. I want to talk today about whether we need 'public money'. One of the arguments made against treating spending during campaigns as protected by freedom of speech is that money is not speech. ![]()
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