Governor of the Bank of England: Will continue to provide cash, currently establishing a retail CBDC for innovation

As people are increasingly worried that the Bank of England's digital currency (CBDC) Britcoin will replace cash, Andrew Bailey, the Governor of the Bank of England (BOE), stated, "Evidence shows that people do indeed want cash, so we will continue to provide it." Bailey said he supports banks issuing wholesale CBDCs but is cautious about issuing retail CBDCs. Bailey further added that the Bank of England is establishing a retail CBDC for innovation. He believes that CBDC innovation should be open to the private sector and it will ensure commercial banks modernize their digital payment systems.