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Bank of England sees no need for digital pound yet.

Published: 2023-01-17

Governor of the Bank of England (CB UK) Andrew Bailey said he doubted the need to introduce a digital pound in the country. Meanwhile, Eurozone finance ministers have approved a program for further preparatory work on a digital euro.

In the coming weeks, public discussions on the legal basis for the introduction of the digital pound sterling should open in the UK - if the decision is positive, the new means of payment, its supporters are sure, will speed up the calculations. However, Mr. Bailey told the Parliamentary Treasury Committee that he was not sure about the need to introduce a digital pound.

The Bank of England recently updated its Real-Time Gross Settlement System (RTGS), which the official says will completely replace digital money in wholesale settlements. Mr. Bailey is just as cautious about the introduction of the digital pound in retail, offering to first formulate what task he will solve, and then get carried away with technology and new ideas.

Meanwhile, the finance ministers of the euro area countries supported the continuation of preparatory work for the introduction of the digital euro. This year, officials of the region are to prepare a bill that will designate the place of the new monetary format in the legislation of the region. Ministers agreed that the digital euro should complement, not replace, cash – “offline functionality” was named as the most important aspect, which will help make financial services more accessible.