A currency designed specifically for the Lake District is to fold, following an "unprecedented rise" in the use of contactless payments. But

Lake District Pound: Currency forced out by contactless technology

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2021-06-09 16:00:12

A currency designed specifically for the Lake District is to fold, following an "unprecedented rise" in the use of contactless payments.

But despite being adopted by more than 350 business and about £220,000 in circulation, no further currency will be produced from January next year.

Ken Royall, founder of the Lakes Currency Project, said: "Despite excellent support and widespread awareness of the initiative, the volume of LD£ in circulation has steadily been declining this year such that the level now being retained is below the amount needed to support a self-sustaining operation.

"A full analysis of the reasons for the reducing circulation clearly shows that contactless, mobile and even wearable payments are replacing paper currency at an unexpected and unprecedented rate.

"In response, the project has concluded that the world in which the company finds itself today is unlikely to be able to support the project's business model in the long term.

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