Bank of England Reconsiders Digital Pound Amid Growing Skepticism

According to PANews, the Bank of England is contemplating a pause on its digital pound initiative due to increasing doubts about the project's benefits. This reflects a global decline in enthusiasm for government-backed digital currencies. Insiders reveal that the Bank of England has privately urged the banking sector to accelerate payment innovations to achieve similar benefits without launching a central bank digital currency (CBDC). The Bank of England maintains that it wants to retain the ability to introduce a CBDC if necessary. However, it is willing to step back if the private sector continues to develop new electronic payment technologies and its staff believes the advantages of advancing the digital pound are diminishing.