The Bank of England is removing paper money and moving to the XRP financial system by September 2022.
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The claim went viral in response to a June 24, 2021 video posted on YouTube.
Misbar’s investigation found that while the Bank of England is moving away from paper banknotes, it’s not because it’s switching to the XRP financial system. The Bank of England is simply phasing out its old paper notes in favor of new polymer notes.
This process began in 2016 when the bank released the polymer £5 note. In 2017 it released the new £10 note, the £20 note in 2020, and the £50 note in 2021. According to a press release from the Bank of England, September 30 of 2022 will be the last day that paper £20 and £50 notes will be legal tender. Up until that date, it is possible to exchange the old notes at the Post Office, bank, or the Bank of England.
The Bank of England opted for the new polymer notes for a number of reasons. The new notes will have several advanced security features, such as holograms and a see-through window. This makes the polymer notes much more difficult to counterfeit. Additionally, the new notes are more durable and will last longer in circulation.