Bank of England Considers Shelving Digital Pound Plans

According to a report by Jinse Finance citing foreign media, due to growing doubts about the benefits of the project, officials at the Bank of England are considering pausing the public-facing digital pound initiative. This reflects a global decline in enthusiasm for government-backed digital currencies. Sources familiar with the matter revealed that the Bank of England has privately urged the banking sector to accelerate payment innovation, aiming to achieve similar benefits without launching a central bank digital currency (CBDC). The Bank of England stated that it still wishes to retain the ability to introduce a CBDC if necessary, but if the private sector continues to roll out new electronic payment technologies and its staff believe the benefits of advancing the digital pound are diminishing, the central bank is willing to step back. (Jin10)