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Sunday, March 3, 2024

New Notes with King Charles III to go on display

New banknotes featuring King Charles III will be showcased in a forthcoming exhibition at the Bank of England Museum, offering the public a preview before their official circulation later this year. The “Future of Money” exhibition, located in the City of London, will delve into topics such as digital currencies, the future of cash, and the environmental impact of banking. Exploring concepts like “Blockchain technology” and “cryptoassets,” the exhibition will also highlight the increasing role of Artificial Intelligence. The Bank of England notes that cash payments in the UK have sharply declined over the past decade, from 55% in 2011 to 15% in 2021, with a projected further drop to 6% by 2031. Despite this trend, the bank emphasizes the ongoing importance of cash, particularly for the 1.1 million people in the UK without a bank account and businesses likely to remain cash-only into the future. Jennifer Adam, curator at the Bank of England Museum, underscores the transformation of money handling and encourages a visit to gain insights into managing money in its evolving digital forms.

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