” . SymbolsSymbolsAimeProductsNewsMarketWatchlistBrokersNews/Newswires/News DetailsBoE Gov. Bailey: If BoE work with commercial banks is successful, I would question if UK central bank digital currency is needed.AinvestTuesday, Jul 22, 2025 5:57 am ET1min readBoE Gov. Bailey: If BoE work with commercial banks is successful, I would question if UK central bank digital currency is needed.The Bank of England (BOE) is considering shelving its plans to introduce a digital pound for households, according to reports. This shift comes amid growing skepticism over the project’s benefits and a global trend of waning interest in state-backed digital currencies.BOE officials have been privately urging the banking industry to accelerate payment innovations that could achieve similar outcomes without the need for a central bank digital currency (CBDC) [1]. The BOE wants to be ready to launch a CBDC if necessary but is willing to step back if private businesses continue to develop new electronic payment technologies.The BOE’s recent approach marks a significant change from its earlier stance. Just a few years ago, BOE and Treasury officials believed a digital pound was “likely” to be needed. However, recent research by BOE staff suggests that the benefits of launching a CBDC have diminished as consumers increasingly adopt existing online payment technologies [1].BOE Governor Andrew Bailey has publicly expressed doubts about the need for new forms of money, especially for households. He has signaled support for a wholesale CBDC for transactions between financial institutions but has been more cautious about a consumer-focused digital pound [1].The BOE’s decision to step back from the project reflects a broader trend of declining interest in state-led digital currencies. The Trump administration has blocked further work on a CBDC in the US, and South Korea’s central bank halted its digital currency pilot program last month [1]. In contrast, the European Central Bank is still pressing ahead with the launch of a digital euro.The potential creation of a digital pound has raised concerns about consumer privacy and the destabilizing impact of investors flooding into state-backed digital currencies during times of crisis. The BOE’s project has also attracted attention from conspiracy theory groups and faced attacks from lawmakers [1].The BOE’s project is currently in the design phase, putting the UK behind many other jurisdictions. The central bank and government have yet to make a final decision on whether to launch a CBDC [1].References:[1] a public comment…PostNo comments yetDisclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. 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