"Cash is likely to decline further and cash itself will become less useable in everyday transactions, for example if internet commerce grows and if merchants increasingly accept only digital payment."
"New forms of digital money could contribute to faster, cheaper, and more efficient payments and have financial inclusion as a prominent design consideration," Cleland said in a speech on June 21, 2021.
"A CBDC (central bank digital currency) would, if introduced... be a new form of central bank digital money issued by the Bank of England for use by households and businesses. Importantly, it would co-exist alongside cash, commercial bank deposits, and core payments infrastructure such as RTGS (Real Time Gross Settlement service)," the Executive Director for Banking, Payments and Innovation of the BoE had stated in 2021.