BREAKING: Bank of England Dumps CBDC Plans as US House Slams Door with Anti-CBDC Ban
Central banks face a crypto reckoning—and the UK just blinked first.
The Bank of England abruptly halted its central bank digital currency (CBDC) development today, hours after the US House passed legislation banning Federal Reserve CBDC issuance. Two financial heavyweights, two starkly different approaches to sovereign digital currencies.
The CBDC domino effect
Threadneedle Street’s retreat leaves the eurozone and China as the last major players still pushing state-backed digital money. Insiders whisper the BoE feared public backlash over surveillance risks—the same concerns that fueled the US House’s 24-hour preemptive strike.
Wall Street’s open secret
Meanwhile, JPMorgan’s blockchain division quietly onboarded three new CBDC consultants this week. Because nothing says ‘we’re against centralized digital currencies’ like hedging your bets with seven-figure hires.
The great CBDC experiment isn’t dead—but its future just got a lot more decentralized.
US CBDC Ban Vote and UK Exit Signal Global Anti-CBDC Shift
The US CBDC ban vote was passed by the House after nearly 10 hours of debate, with 217 Republicans supporting the Clarity for Payments Act along with companion anti-CBDC legislation. This Central Bank Digital Currency risks mitigation effort gained momentum when President TRUMP actually intervened with holdout Republicans who initially blocked the Bank of England CBDC-style surveillance measures.
Bank of England Abandons Digital Currency Plans
The Bank of England CBDC project is facing potential cancellation as Governor Andrew Bailey expressed skepticism about its necessity right now. Bailey had this to say during a Parliamentary hearing:
This actually represents a dramatic reversal from the BoE’s 2023 position when Bailey stated:
Anti-CBDC Legislation Gains Bipartisan Support
The US CBDC ban vote succeeded through the Anti-CBDC Surveillance State Act, which was championed by Majority Whip Tom Emmer. He stated:
The Clarity for Payments Act was passed with 294 votes, including 78 Democrats, while the anti-CBDC legislation passed 219-210. These Central Bank Digital Currency risks concerns actually reflect growing privacy fears about government financial surveillance capabilities.
Done. We blocked (in collaboration with law enforcement) the 85,977 USDT stolen. https://t.co/TI9DgDL6bY
— Paolo Ardoino
Recent Tether actions have highlighted surveillance concerns, with CEO Paolo Ardoino stating:
Can anybody explain how this isn’t exactly what a CBDC is? We are cheering for completed financial surveillance being used indirectly by the government.
— Fiatnam Veteran (@FiatnamVeteran) July 20, 2025Social media users have raised questions about centralized control, with one posting:
The US CBDC ban vote represents the first major cryptocurrency legislation in American history right now, establishing clear boundaries against government-issued digital currencies while the Bank of England CBDC project faces similar resistance. This anti-CBDC legislation addresses mounting Central Bank Digital Currency risks through the comprehensive Clarity for Payments Act framework that lawmakers developed.
