Bank of England considers shelving digital pound plans

PANews reported on July 22 that according to foreign media reports, Bank of England officials are considering suspending plans for a digital pound for the public due to growing doubts about the benefits of the project. This reflects the fading enthusiasm for government-backed digital currencies around the world. According to people familiar with the matter, the Bank of England has privately urged the banking industry to accelerate payment innovation in order to achieve similar benefits without launching a central bank digital currency (CBDC). The Bank of England said it still hopes to retain the ability to launch a CBDC if necessary, but if the private sector continues to launch new electronic payment technologies and its staff believe that the benefits of promoting a digital pound are declining, the central bank is willing to step back.