Bank of England governor questions need for digital pound

Bank of England governor questions need for digital pound

Andrew Bailey, the Bank of England (BoE) governor, expressed skepticism on the need for a digital pound shortly after finance ministers from eurozone countries backed further work on a digital euro. 

The BoE governor recently questioned the need for a wholesale central bank digital currency (CBDC), citing that there already is a “wholesale central bank money settlement system with a major upgrade.”

In addition, Bailey also expressed that there are no plans to abolish cash regarding retail use. The BoE governor does not believe that retail payments need to change at the moment. He explained:

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“We have to be very clear what problem we are trying to solve here before we get carried away by the technology and the idea.”

Bailey’s comments follow new CBDC developments in

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