The British Central Bank would plan to remove its plans from the Central Bank’s digital currency (CBDC) (CBDC) concerning the concerns that it cannot be beneficial for the bank or the financial system.
The Bank of England (BOE) reconsiders its plans for a digital book focused on the consumer in an increasing skepticism about its need and its advantages, Bloomberg reported on Tuesday, citing people familiar with the issue.
BOE officials encourage private banks to speed up payment innovations instead of creating a consumer CBDC. The governor of the central bank, Andrew Bailey, said that he would need “a lot of convacing” if commercial banking innovations succeed.
“I think it is a reasonable place to do so,” he told the Treasury Committee on Tuesday during a parliamentary hearing. “If it’s a success, I wonder why we have to introduce a new form of money.”
This decision is the last sign of the drop in support for digital currencies supported by the state in the world and is a retirement from the previous position of the BO according to which a digital book was “probably necessary”.
“Based on our work to date, the Bank of England and the Treasury HM judges that it is probably a digital book will be necessary for the future,” said Bailey in 2023.
Slow United Kingdom to adopt CBDC
The Council of Reflection Groups on Atlantic American Policy shows that the British CBDC is in development and is relatively behind other jurisdictions with its digital currency, because Bloomberg reported that no final decision had yet been made on the opportunity to proceed.
The project would have attracted the attention of conspiracy theory groups, faces attacks by legislators and prompted more than 50,000 responses, mainly critical, when requesting public comments.
Consumer confidentiality problems were raised in addition to fears of destabilizing bank races during crises. There were also concerns about foreign ecunines or large technologies that potentially undermine the British pound.
The American anti-CBDC bill adopts
The CBDCs were interrupted through the pond in the United States, the House passing the anti-CBDC law on the state of surveillance in addition to two bills of Crypto last week.
The bill is designed to prevent the federal reserve from issuing or testing a CBDC without explicit convention approval.
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Earlier this week, republican deputy Marjorie Taylor Greene said that the law on the regulation of stables of the engineering law creates a “stolen door” for the government to create a CBDC, veiled as private crypto token.
CBDC ecosystem ecosystem
Only three countries have officially launched a CBDC: Bahamas, Jamaica and Nigeria.
There are 49 countries in the pilot phase, 20 in the development phase and 36 in the research phase, according to the CBDC tracker of the Atlantic Council.
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