The post Bank of England May Scrap CBDC Plans Amid Mounting Concerns appeared on BitcoinEthereumNews.com.

Reportedly, the Bank of England is contemplating scrapping its plans for a central bank digital currency (CBDC) due to worries that it could not be good for the bank or the financial system as a whole. As doubt over the need and advantages of a consumer-focused digital pound grows, the Bank of England (BoE) is reevaluating its plans. This is according to Bloomberg on Tuesday, citing sources familiar with the subject. Shift in Stance Officials from the Bank of England are privately urging financial institutions to speed up payment innovation. Rather than establish a consumer CBDC. If advances in commercial banking are successful, central bank governor Andrew Bailey will need “a lot of convincing” to change his mind. This shift away from the Bank of England’s earlier stance that a digital pound was “likely needed” is the most recent evidence of the worldwide trend toward less support for state-backed digital currencies. No final decision has been made yet on whether to continue with the UK’s CBDC, according to Bloomberg. And the country is lagging behind other jurisdictions in adopting digital currencies. This information comes from the Atlantic Council, a US policy think tank. During a call for public opinions, the initiative allegedly garnered the attention of conspiracy theory organizations. Also, came under fire from MPs, and received more than 50,000 replies, the vast majority of which were unfavorable. Aside from worries of unstable bank runs during crises, customers’ privacy issues have also been voiced. Another worry was that stablecoins issued by foreign or Big Tech companies may weaken the pound. Last Monday, the US House of Representatives passed the Anti-CBDC Surveillance State Act, along with two crypto legislation. Thereby banning CBDCs in the US. A CBDC cannot be issued or tested by the Federal Reserve without the express consent of…

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Filed under: News - @ July 23, 2025 8:28 pm