BOE Governor’s Skepticism Threatens Digital Pound Timeline Amid Global CBDC Race

Bank of England Governor Andrew Bailey has cast fresh doubt on the necessity of a retail digital pound, signaling potential delays in the UK's central bank digital currency (CBDC) rollout. Speaking at a conference in Kyiv, Bailey stated he remains unconvinced that central banks should issue new forms of money for consumers, despite ongoing evaluations of a retail-focused digital currency design.

"I start with the presumption that there should be benefit here—it seems like a failure of imagination if we think otherwise," Bailey remarked. "That said, I remain to be convinced that we need to create new forms of money—such as Central Bank Retail Digital Currency—to achieve this."

The BOE continues to explore a wholesale CBDC for institutional use while facing scrutiny from lawmakers, privacy advocates, and commercial banks. Over 50,000 responses were submitted during the digital pound's public consultation phase, reflecting widespread concern about the project's implications.