The post UK central bank leader reassures cash’s place with rising Britcoin appeared on BitcoinEthereumNews.com.

Amid growing fears that Britcoin, the UK’s central bank digital currency (CBDC), is going to supplant cash, Bank of England (BOE) governor Andrew Bailey said that the central bank will continue to supply cash “for as long as people want.” Bailey was speaking at the Group of Thirty’s 39th Annual International Banking Seminar. According to Bloomberg, Bailey noted: “The evidence is they do want it [cash], so we will continue to supply it.” Baileys words were a reiteration of what Sarah Breeden, a Bank of England veteran, said at a questioning by the Treasury Committee last year. She had said: “We will ensure that cash is available as long as it is demanded. We will ensure that the cash infrastructure in the financial system is there as long as it is demanded – cash and digital money are choices.” Ever since the idea of the CBDC was first introduced years ago, lawmakers and citizens alike have been divided over its benefits and pitfalls. Those who support Britcoin believe that it has the capacity to reduce costs and risks. Those opposed, however, are concerned that it could give the government the power to surveil people’s expenditures and replace cash. The BOE started working on the design for a digital version of the pound in January this year. However, the BOE has still not decided whether it is actually going to launch it. Bailey said that he supports a wholesale CBDC for banks but is more cautious about releasing a retail CBDC. He added that it was “harder to see an anchor role for central bank money” when it came to retail CBDC. However, a wholesale CBDC can play a “special role” for “central bank money in wholesale high value payments and in settlement of payment systems.” Bailey further added that the…

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Filed under: News - @ October 27, 2024 1:12 am