Bank of England Governor: CBDC will not replace cash

Golden Finance reported that due to increasing concerns that the Central Bank’s Digital Money (CBDC) Britcoin in the UK will replace cash, Governor of the Bank of England (BOE) Andrew Bailey said, “Evidence shows that people do want cash, so we will continue to provide it, CBDC will not replace cash.” Bailey said he supports the wholesale issuance of CBDC by banks, but is cautious about the retail issuance of CBDC. Bailey further added that the retail CBDC being developed by the Central Bank of England is for innovation. He believes that CBDC innovation should be open to the private sector, which will ensure that commercial banks modernize their digital payment systems.