As per Andrew Bailey, the UK has a wholesale central bank money settlement system.
The euro-zone finance ministers recently conveyed their support for the continuing development of a digital euro.
Andrew John Bailey, the head of the UK’s central bank, is not sure about the need for the digital pound. According to recent reports, the Governor of the Bank of England recently asked the Treasury Select Committee of Parliament about the necessity of the digital pound. Andrew Bailey also conveyed a warning on the use of a digital pound for retail purposes by adding that “there are no plans to do away with cash.”
Bailey stated:
I think it’s an open question whether a wholesale digital central bank currency is needed because we’ve got a wholesale central bank money settlement system with a major upgrade… We have to be very clear about what problem we are trying to solve here before we get carried away by the technology and the idea.
The governor’s recent opinion came soon after t
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