The Bank of England is considering shelving its digital pound plan

According to foreign media reports, Bank of England officials are considering suspending plans for a digital pound for the public due to growing doubts about the benefits of the project. This reflects the waning global enthusiasm for government-backed digital currencies. According to people familiar with the matter, the Bank of England has privately urged the banking industry to accelerate payment innovation in order to achieve similar benefits without launching a central bank digital currency (CBDC). The Bank of England said it still hopes to retain the ability to launch a CBDC if necessary, but is willing to step back if the private sector continues to introduce new electronic payment technologies and its staff feel that the benefits of advancing the digital pound are declining. (Jin Ten)