Bank Of England May Abandon Digital Pound Plans: Report
The Bank of England is reconsidering its plans for a central bank digital currency (CBDC) due to concerns about its necessity and potential benefits. Officials are encouraging banks to focus on payment innovations rather than developing a consumer-focused digital pound. Governor Andrew Bailey expressed skepticism about the need for a new form of money if commercial bank innovations succeed. The UK is lagging in CBDC development compared to other jurisdictions, with significant public criticism and privacy concerns raised. In the US, the House passed the Anti-CBDC Surveillance State Act, preventing the Federal Reserve from issuing a CBDC without congressional approval. Currently, only three countries have launched a CBDC, while many others are in various stages of development or research.
