Bank of England Governor Questions Necessity of Digital Pound, Uncertain Prospects for UK Central Bank Digital Currency Plan

According to Deep Tide TechFlow, Bank of England Governor Andrew Bailey has questioned the necessity of launching a digital pound, impacting the prospects of the UK's central bank digital currency plan. Bailey stated that he has yet to be convinced of the need to create a new form of currency to reap the benefits brought by advancements in payment technology, such as smart contracts and anti-fraud measures. This may mean that the UK government needs to reassess the pace of its digital currency strategy.