Regulators

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.

The European Commission proposes to introduce EU-wide restrictions on cash payments.

The Philippines have decided to regulate the exchange of virtual currencies as a means to fight money laundering and maintain financial stability. The new measure will come into force on February 21.

In 2016, several high-denomination notes were withdrawn from circulation around the world. Other countries could follow.