According to Bloomberg, the UK Treasury and the central bank are discussing slowing down the development of 'Britcoin', the digital pound (CBDC). Instead of confirming whether to proceed with the project this summer, a 'compromise' to postpone the decision is likely. This is based on the judgment that private sector technological innovations, such as tokenized deposits, are already offering fast and cheap payment alternatives within the existing banking system. With Governor Andrew Bailey skeptical about the introduction of CBDCs, the UK appears to be taking a cautious stance, positioned between Europe, which is pushing ahead with the digital euro, and the US, which has halted related work.
