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The Bank of England Uncertain About Introducing Digital Currency for the General Public
Andrew Bailey, the governor of the Bank of England, has raised concerns about the necessity of introducing digital currency for everyday use by the general public. Although the bank is still developing a “wholesale” version of its central bank digital currency (CBDC) for interbank transactions, Bailey questions whether this type of digital currency is required for household consumption.
During his speech at a conference in Kiev, Bailey emphasized that there are numerous benefits to be gained from the development of CBDCs, such as smart contracts and anti-fraud measures. However, he expressed doubt about the need for a digital currency designed specifically for general public use.
The Bank of England has not made any final decisions regarding the introduction of digital currency for mass consumption. In fact, it is still in the planning phase, falling behind other countries like China or Sweden.
This development comes as a surprise to many, considering the rapid growth and adoption of cryptocurrency technology worldwide. The article will continue to follow developments on this topic.
Translation:
Source: www.bitcoinbazis.hu
