Express
Bank of England Governor Questions Consumer-Facing Digital Pound
Summary: According to Bloomberg, Bank of England Governor Andrew Bailey recently questioned the necessity of a consumer-facing digital pound at a conference in Kyiv, Ukraine, stating he is not yet convinced of the need to create a new form of currency. This represents the UK government's clearest reservation towards the Britcoin project. The project is currently ...
According to Bloomberg, Bank of England Governor Andrew Bailey recently questioned the necessity of a consumer-facing digital pound at a conference in Kyiv, Ukraine, stating he is not yet convinced of the need to create a new form of currency. This represents the UK government's clearest reservation towards the Britcoin project. The project is currently in the design phase but has faced public concerns over privacy security, banking industry worries about deposit outflows, and warnings from the House of Lords Economic Affairs Committee that the risks may outweigh the benefits. Bailey emphasized that progress is smooth for wholesale central bank digital currency (used for interbank settlements), but the retail version still needs to demonstrate its actual benefits.
