Main notes
- The Bank of England is said to reconsider its plans to obtain a numerical pound that focuses on the consumer.
- Governor Andrew Billy has publicly expressed doubts about the need for new forms of money such as CBDCS.
- England Bank now urges banks to focus on distinctive deposits and payment innovations.
The Bank of England (BOE) received 360 in its previous position in the first appearance of the digital dollar, which raised new doubts about the future of the Central Bank of Central Bank (CBDCS) in the United Kingdom.
According to the hadith Bloomberg reportOfficials are now tending to the shelves of the version facing the consumer of the digital pound, noting the decrease in benefits and the priorities turning towards alternative payment innovations.
Bank banks encourage the use of alternatives
The sources familiar with the matter told Bloomberg that the Bank of England was especially encouraging banks to give priority to innovations in electronic payments and distinctive deposits, solutions that can repeat many advantages of the Convention on Biological Diversity without the need to launch one.
While the bank still wants to retain the ability to issue CBDC in the future, its current position indicates an increased willingness to abandon the retail digital pound project if the private sector continues to make progress.
Tone
This is a great departure from the accent of the Bank of England just a few years ago, when officials, including the British Treasury, confirmed that the digital pound “is likely” is necessary.
Andrew Billy Governor’s ruler since then Express General doubts, saying in June that he is still not convinced of the need to “create new forms of money.”
Instead, Pelly focused on bank deposits concluded as a practical bridge and stability between traditional financing and the space of digital assets.
CBDC pays vapor in the world
In the United States, the administration of President Donald Trump has developed its CBDC project, noting the risks of financial stability. South Korea also described a pilot.
Even in the euro area, European Central Bank officials raised concerns about US policies that may disrupt liquidity in dollars, which increases the complexity of CBDC.
Dependence on the US dollar
In the same time, the Bank of England takes steps to reduce the country’s dependence on the US dollar, and recently asks British banks to evaluate their ability to withstand the shock in US dollars.
According to early stress tests, banks cannot escape liquidity pressure in dollars for more than a few days, which confirms the systematic dependence on Greenback.
Nearly 90 % of global currency derivative contracts are in dollars. However, although the UK is considering weaning from the dollar, the decision to abandon the digital pound is likely to indicate decisive warnings surrounding the project.
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Part, an encrypted journalist with more than 5 years of experience in this industry, with the main media in the world of encryption and financing, gathered experience and experience in space after survival in the bear markets and bull over the years. Part is also the author of the book 4 books published self.
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