The head of the Bank of England questioned the need for a digital pound

The UK authorities need to be “very clear” about what problems a national digital currency (CBDC) will solve before proceeding with its development. This opinion was expressed by the head of the Bank of England Andrew Bailey, writes Reuters. Public consultations on the legal attributes of the digital pound will begin in the United Kingdom in the coming weeks. Speaking before a parliamentary committee on January 16, Bailey questioned the need for a CBDC. In his opinion, the country already has an effective wholesale cash settlement system. “I think the question of whether a wholesale central bank digital currency is