Bank of England mulls canning CBDC plan: Report

Key Points

1. Bank of England Governor Andrew Bailey expressed skepticism about the necessity of a CBDC, stating he would need 'a lot of convincing' to support it.

2. The BoE's stance marks a retreat from its previous position that a digital pound was 'likely needed' in the future.

3. The UK's CBDC development has faced criticism from lawmakers and the public, with over 50,000 mostly negative responses during a public comment period.

4. In the US, the House passed the Anti-CBDC Surveillance State Act, restricting the Federal Reserve from issuing or testing a CBDC without congressional approval.

5. Only three countries have officially launched a CBDC, with 49 in the pilot phase, 20 in development, and 36 in the research phase, according to the Atlantic Council.