BOE Governor Questions Digital Pound

Andrew Bailey, Governor of the Bank of England (BoE), has questioned the need for consumers to use a digital pound, raising questions about whether the UK will proceed with its plans.

“I’m not yet convinced that we need to create new forms of money” to take advantage of technological advantages in payments, such as smart contracts and anti-corruption measures, Bailey said today, according to Bloomberg News.

These comments are among the strongest indications from Bailey that UK officials have significant skepticism about moving forward with consumer use of so-called “Bitcoin.” Bailey’s comments came during a speech at a conference in the Ukrainian capital, Kyiv.

The Bank of England has faced a range of concerns from the public, the banking sector, and lawmakers since it began developing a digital pound.