Bank of England Considers Shelving Plans for a Digital Pound

Andrew Bailey Shoots Down New Central Bank Digital Currency in Policy Shift

The Bank of England is playing down the chances of an intrusive Central Bank Digital Currency today. A win for fans of privacy… Briefings from staff at the Bank – which previously said it believed a “digital pound” was “likely” to be needed – indicate that the BoE is letting private businesses take the lead and won’t push for a CBDC at this time.[…] Read the rest

Bank of England Considers Shelving Plans for a Digital Pound

Bank of England officials are mulling whether to set aside plans to create a digital pound for households amid growing skepticism about the project’s benefits, the latest sign of dwindling support for state-backed digital currencies globally.

UK crypto ambitions clash with banking barriers

A vast proportion of the British crypto and blockchain industry remains shut out of traditional banking, despite the drive to establish the UK as a leading hub. The Treasury, Bank of England and the Financial Conduct Authority (FCA) have all, to varying degrees, acknowledged the UK’s leadership in digital finance and have expressed intentions that align with establishing the region as a global hub. This has been shown through the proposal of new…

It’s Not 'Just Hype' — Bitcoin Has Real Value, Says British Politician

Source: Bitcoinist Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure According to recent commentary by former Brexit Minister Jacob Rees‑Mogg on his YouTube channel, the Bank of England risks shaking public faith in the pound if it presses ahead with new banknote designs. He argues that confidence in fiat money is built on shared belief rather than intrinsic worth. His warning comes as…

Bank of England May Scrap CBDC Plans Amid Mounting Concerns

Reportedly, the Bank of England is contemplating scrapping its plans for a central bank digital currency (CBDC) due to worries that it could not be good for the bank or the financial system as a whole. As doubt over the need and advantages of a consumer-focused digital pound grows, the Bank of England (BoE) is reevaluating its plans. This is according to Bloomberg on Tuesday, citing sources familiar with the subject. Shift in Stance Officials fr…

Bitcoin Has Real Value Because It’s Hard to Produce, Says Former UK Minister Rees-Mogg

Ex Brexit Minister Jacob Rees-Mogg has warned the Bank of England against undermining confidence in fiat currency, drawing parallels with both Bitcoin and gold.