britcoin

According to Bloomberg, the UK Treasury and the Bank of England are discussing slowing down the progress of the "Britcoin" digital pound project, with the "advance or halt" decision originally scheduled for this summer possibly being changed to a temporary pause.Sources say that regulators want to first observe the progress of banks in areas such as tokenized deposits, as these private innovations may achieve some similar rapid low-cost payment functions to CBDCs or stablecoins within the existing regulatory framework. The digital pound is currently nearing the end of its design phase, but it faces public, parliamentary, and some officials' doubts regarding privacy, necessity, and its impact on the commercial banking system. Internal research from the Bank of England also shows that as digital payment methods improve, the marginal benefits of launching a retail CBDC are declining.

ChainCatcher news, according to Bloomberg, recently the Governor of the Bank of England, Andrew Bailey, questioned the necessity of a consumer-facing digital pound at a conference in Kyiv, Ukraine, stating that he is "not yet convinced of the need to create a new form of currency."This is the clearest official reservation from the UK regarding the "Britcoin" plan. The project is currently in the design phase but has faced public concerns about privacy and security, worries from the banking sector about deposit outflows, and warnings from the House of Lords Economic Affairs Committee that "the risks may outweigh the benefits." Bailey emphasized that progress is being made on wholesale central bank digital currency (for interbank settlements), but the retail version still needs to demonstrate its practical benefits.