Crypto Updates

Is the BoE Right to Be Sceptical on a Digital Pound?

Andrew Bailey

The heated debate about introducing a central bank digital currency (CBDC) in the western world continues with fervor in 2023. Whilst many nations see great potential in digital fiat, several remain hostile or at least indifferent.

Despite the UK being touted as being more crypto-friendly since the premiership of Rishi Sunak began, all may not be what it seems.

This week, Bank of England’s Governor, Andrew Bailey, questioned the need for a digital pound in front of the parliament’s Treasury Select Committee. Meanwhile, its European counterparts appear to be pressing ahead with legislation that will pave the way for a digital euro.

So, with other nations forging ahead with CBDCs, can a post-Brexit Great Britain need a digital pound to stay competitive, or are others getting “carried away by the technology and the idea”?

“I think it’s an open question whether a wholesale digital central bank currency is needed because we’ve got a wholesale central bank money settlement system with a major upgrade,” Bailey said.

The “settlement

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