Bank of England Governor Claims Digital Pound is Not Necessary
Andrew Bailey, governor of the Bank of England (BoE), has recently expressed skepticism that the country really needs to develop a digital version of the pound sterling.
He has questioned, shortly after the finance ministers of the eurozone countries gave their support for the continuation of work to develop a digital euro, whether the UK really needs a central bank digital currency (CBDC), since according to him there is already a «wholesale central bank money settlement system with a major upgrade.»
He has also pointed out the country does not contemplate abolishing cash as far as retail use is concerned, as it believes that retail payments do not need to change for the time being.
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Bailey has explained:
«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.»
The finance ministers of the eurozone countries published a statement on January 16 in which they supported the continuation of work on a possible digital version of the euro.