Governor Of The Bank Of England “Digital Pound, May Not Be Absolutely Necessary”

Bank of England opposing CBDC introduction trend (Source: CNBC)

Andrew Bailey, governor of the Bank of England (BoE), expressed a cautious stance on the introduction of the digital pound (CBDC).

According to Bloomberg, Governor Bailey questioned the need for a consumer digital pound itself, saying, “I am not yet convinced that there must be such a new form of currency.”

The Bank of England is currently working on designing a retail Central Bank Digital Currency (CBDC) and has not yet made a final decision on whether to implement it.

However, he added that “we clearly start from the premise that the currency is beneficial,” hoping that the introduction of digital currency would not be regarded as a lack of imagination in the national monetary system.

This remark is interpreted as showing that discussions on the introduction of CBDC in the UK are in a serious review stage, balancing technical feasibility and practical demand.