Bank of England Governor Questions Need for Digital Pound

According to PANews, Bank of England Governor Andrew Bailey recently expressed skepticism about the necessity of a consumer-facing digital pound during a conference in Kyiv, Ukraine. Bailey stated that he remains unconvinced of the need to create a new form of currency, marking the clearest official reservation regarding the "Britcoin" initiative. The project is currently in the design phase but faces public concerns over privacy and security, banking industry worries about deposit outflows, and warnings from the House of Lords Economic Affairs Committee that the risks may outweigh the benefits. Bailey noted that while progress is being made on wholesale central bank digital currencies for interbank settlements, the retail version still requires justification of its practical benefits.