Bank of England Governor Expresses Doubt on the UK Needing a Britcoin CBDC

Andrew Bailey, the Governor of the Bank of England, has voiced his reservations concerning the necessity of the United Kingdom developing a central bank digital currency (CBDC), often referred to as “Britcoin.” Bailey emphasized that specific, stringent criteria would need to be satisfied before proceeding with such an undertaking. He highlighted that the central bank remains in the exploratory phase of the concept and has not yet reached a definitive decision on the matter. He further stated that any prospective CBDC must be innovative and capable of competing effectively with existing payment methods. Bailey stressed the significance of ensuring the protection of user privacy within any CBDC system. He clarified that the Bank of England is actively investigating the potential benefits and risks associated with issuing a CBDC, in collaboration with the UK Treasury.