UK Central Bank May Reconsider Digital Pound Plans Amid Preference for Private Payment Innovations

Key Points

1. The Bank of England (BOE) is reevaluating its digital pound initiative amid public skepticism and privacy concerns, marking a shift from its earlier stance.

2. Public consultations revealed over 50,000 critical responses, highlighting issues like privacy and financial stability.

3. The U.S. House of Representatives passed the Anti-CBDC Surveillance State Act to restrict the Federal Reserve from issuing a CBDC without congressional approval.

4. Globally, only three countries (the Bahamas, Jamaica, and Nigeria) have fully launched CBDCs, while 49 are in pilot phases, 20 in development, and 36 researching.

5. The UK's focus is shifting towards alternative forms of backed money as the global CBDC landscape develops.