The UK central bank is considering abandoning its digital pound plans as its Governor Andrew Bailey favors private payment innovations over a state-backed CBDC.
Britain’s central bank is reportedly considering axing its central bank digital currency (CBDC) plans over concerns that it may not be beneficial to the bank or financial system.
The Bank of England (BOE) is reconsidering its plans for a consumer-focused digital pound amid growing skepticism about its necessity and benefits, Bloomberg reported on Tuesday, citing people familiar with the matter.
BOE officials are privately encouraging banks to accelerate payment innovations instead of creating a consumer CBDC. The central bank’s Governor Andrew Bailey stated he would need “a lot of convincing” if commercial bank innovations succeed.
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