Bank of England Governor States Digital Currency Will Not Replace Cash

According to Foresight News, Bank of England (BOE) Governor Andrew Bailey has stated that digital currency will not replace cash in the UK as long as people still wish to use physical money. The development of a digital version of the pound, referred to as Britcoin, has commenced, but the BOE has not yet decided whether to officially launch it.Bailey, speaking in Washington, emphasized that while the BOE is cautious about issuing a retail Central Bank Digital Currency (CBDC) that would be used by the general public in a manner similar to cash, he supports the use of wholesale CBDCs by banks. The BOE is working on a retail CBDC to ensure that the private sector can innovate and that commercial banks can modernize their digital payment systems.