The Bank of England sees no need for the digital
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The Bank of England sees no need for the digital pound yet

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

    Image Source: Christopher Bill / unsplash.com

Image Source: Christopher Bill / unsplash.com

In the coming weeks, public discussions about the legal basis for the introduction of the digital pound sterling are to begin in Great Britain – if the decision is positive, the new means of payment will speed up the calculations, of that its supporters are sure. However, Mr Bailey told Parliament’s Finance Committee that he was unsure whether the launch of a digital pound was necessary.

The Bank of England recently upgraded its Real-Time Gross Settlement System (RTGS), which the official says will completely replace digital money in wholesale settlements. Mr. Bailey is just as reluctant to introduce the digital pound in retail and offers to first formulate which task he wants to solve and then let himself be carried away by the technology and new ideas.

Meanwhile, the finance ministers of the euro area countries supported the continuation of the preparatory work for the introduction of the digital euro. This year, officials of the region are expected to prepare a draft law that will determine the place of the new currency format in the region’s legislation. Ministers agreed that the digital euro should complement cash, not replace it – the most important aspect cited was “offline functionality”, which will help make financial services more accessible.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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