PANews June 20 news, according to Bloomberg, recently the Governor of the Bank of England, Andrew Bailey, questioned the necessity of a consumer-facing digital pound at a conference in Kyiv, Ukraine, stating that he is "not yet convinced of the need to create a new form of currency." This is the clearest official reservation from the UK regarding the 'Britcoin' plan. The project is currently in the design phase but has faced public concerns about privacy and security, worries from the banking sector about deposit outflows, and warnings from the House of Lords Economic Affairs Committee that 'the risks may outweigh the benefits.' Bailey emphasized that the wholesale central bank digital currency (used for settlements between financial institutions) is progressing well, but the retail version still needs to prove its practical benefits.