Bank of England Rethinks CBDC, Urges Banks to Step Up Payment Innovation
Main Idea
The Bank of England (BoE) is reconsidering its plan to launch a central bank digital currency (CBDC) and is urging banks to improve their own payment services instead.
Key Points
1. The BoE is reconsidering its CBDC launch plan, as revealed by sources to Bloomberg on July 22, 2025.
2. Governor Andrew Bailey expressed skepticism about the need for a CBDC during a Treasury Committee hearing, stating he would need 'a lot of convincing'.
3. Public pushback and political criticism have raised doubts about the CBDC, with lawmakers warning it could facilitate rapid fund withdrawals during crises.
4. The Atlantic Council still lists the UK’s CBDC plan as 'in development', though it lags behind some other countries.
5. South Korea’s plans to expand CBDC testing have been put on hold, indicating broader hesitancy around CBDC implementation.
Description
The Bank of England (BoE) is reconsidering its plan to launch a central bank digital currency (CBDC) , as questions grow over whether it would benefit the public or the financial system.
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