Bank of England governor questions the necessity of a digital pound, ‘britcoin’

Andrew Bailey questioned whether a new digital currency, informally known as ‘Britcoin’, is necessary. He highlighted the potential to improve current payment systems rather than creating new forms of money.

Bailey raised concerns that stablecoins could weaken fiat currencies and cautioned banks against launching their own digital assets. The UK is still assessing the future of its retail CBDC.