Andrew Bailey, Governor of the Bank of England (BOE), delivered a speech titled "A New Prospect for Money," in which he stated that he favored "enhanced digital currencies" over cryptocurrencies and stablecoins. Andrew Bailey said that a series of bank failures in the United States and Switzerland earlier this year exposed the problems of currency unity and settlement finality. Both cryptocurrencies and stablecoins failed the basic tests of unity and settlement finality. Money is not money. Andrew Bailey said that digital currency is completely stored in the IT system and can be enhanced into a currency unit that can be attached with more executable operations. Central bank digital currency (CBDC) will also be a form of enhanced digital currency, establishing The main motivation for a retail CBDC is to improve the singleness of money by ensuring that the public always has the option of using a fully functional central bank currency that can be used in everyday life.