BoE Governor Dubious Over Need For Digital Pound

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As per the reports, Andrew Bailey, Bank of England Governor, questioned the need for a digital pound.

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This was just after euro zone finance ministers backed further preparatory work on a digital euro.

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On Monday, Bailey told parliament's Treasury Select Committee that he wasn't sure whether the digital pound was needed at the moment.

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He cited that they have got a wholesale central bank money settlement system with a major upgrade.

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Bailey is also wary about the use of retail digital pounds, such as payments, adding there are no plans to abolish cash.

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He said that there is a need to clarify what problem they are trying to solve before they get carried away by the technology and the idea.

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Furthermore, the BoE governor is not convinced that retail payment systems need this sort of upgrade at the moment.

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