Bank of England governor questions digital pound for consumers

PANews June 20 news, according to Bloomberg, recently, Bank of England Governor Andrew Bailey questioned the necessity of digital pounds for consumers at a meeting in Kiev, Ukraine, saying that "we have not yet been convinced of the need to create a new form of currency." This is the most explicit reservation of British officials about the "Britcoin" plan. The project is currently in the design stage, but has encountered public concerns about privacy and security, banking industry concerns about deposit loss, and warnings from the House of Lords Economic Affairs Committee that "risks may outweigh benefits." Bailey emphasized that wholesale central bank digital currency (for settlement between financial institutions) is progressing smoothly, but the retail version still needs to prove its actual benefits.