Regulators

The Financial Services and Markets Bill 2002 is expected to gain Royal Assent –and therefore become law- in early summer 2023. The Bill includes measures impacting the U.K.'s wholesale cash distribution.

In Sweden, an inquiry concludes that the state should ensure better access to payments, recommends mandating cash acceptance, and sees no current need for a digital krona.

Paying taxes in cash is arduous, time-consuming and discouraged, but it is possible. For the unbanked, alternative ways to pay are costly.

The Competition Appeal Tribunal has added £2.7 billion to the £14 billion class action against Mastercard. If successful, 46 million claimants could receive around £300 each.

The Facebook-led Diem Association is selling its assets putting an end to the social media’s controversial ambitions in digital money and payments, and a two-and-a-half-year battle with regulators and central banks across the globe.

The House of Lords’ Economic Affairs Committee report concludes there is no convincing case for a central bank digital currency (CBDC). While a CBDC may provide some advantages, it could pose significant challenges for financial stability and the protection of privacy.

A new bill would preserve the right of Americans to pay cash and would prevent merchants from rejecting it. It is gaining bipartisan support in Congress.

New legislation in Spain protects freedom of payment choice and guarantees consumer rights by allowing consumers to pay with cash anytime and everywhere.

The bi-partisan bill would prohibit businesses and retailers from refusing to accept cash from consumers for in-person, brick-and-mortar retail purchases.

The British Post Office is launching a campaign calling on the government to introduce legislation to ensure that access to cash becomes a right, requiring banks to ensure continued local access for those who need it.

On 24 September 2020, the Commission adopted a retail payments strategy for the EU that aims to further develop the European payments market so Europe can fully reap the benefits of innovation and opportunities that come with digitalisation. Maintaining the availability of central bank money is a core element of the strategy.

Theresa May's government is pushing the search for illegal immigrants one step further requiring banks and financial institutions to check account holder residency irregularities starting January.