UK considers scrapping some currency denominations
Decline in cash usage has seen the 1p and 2p coins largely fall out of circulation
The UK government has issued a public consultation examining whether to continue circulating low- and high-denomination coins and banknotes.
Published on March 13, the document analyses the current cash landscape and asks the public whether the current denominational “mix” meets, and will continue to meet, future needs.
According to the government’s analysis, the rise of digital payments has resulted in a “significant” decline in cash usage for transactions less than £5. As a result, the small
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