Bank of England Governor "Still Not Convinced on Necessity of Retail CBDC"

Bank of England (BOE) Governor Andrew Bailey has questioned the need for a digital pound for consumers (Britcoin), expressing skepticism about moving forward with the project.

According to Bloomberg on the 20th (local time), Governor Bailey said at a conference held in Kyiv, Ukraine, "It is clear that advances in payment technologies should bring benefits, and thinking otherwise is a lack of imagination," but added, "I am not yet persuaded that we must create a new form of money, such as a retail central bank digital currency (CBDC), to obtain those benefits."

Bloomberg reported that the Bank of England is currently in the design phase for a digital pound aimed at consumers. However, whether it will ultimately be implemented is still under discussion with HM Treasury.

Meanwhile, Bailey also noted that the Bank of England is "successfully advancing" in the development of a wholesale CBDC, indicating their active commitment.