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Bank of England to Backtrack on Digital Pound as Digital Euro Receives Major Boost
Andrew Bailey, the Bank of England (BoE) governor, has shared his thoughts on the idea of the country’s central bank digital currency (CBDC) – the digital pound. Bailey believes that there might be no need for a wholesale CBDC. According to him, his reason borders on the fact that the country already enjoys a “wholesale central bank money settlement system with a major upgrade.”
Digital Pound Is Not a Priority, Says BoE Governor
The BoE governor stated that England is not in any way trying to abolish the retail use of cash. At least, not for the time being. So, he believes that changing retail payments now will only amount to a misplacement of priorities. For him, there is no conviction that retail payments need any such upgrades at the moment. He wrote:
“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.”
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