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【BoE Governor: Will Continue To Provide Cash, And Is Building A Retail CBDC For Innovation】 As People Are Increasingly Concerned That The Bank Of England's Digital Currency (CBDC) Britcoin Will Replace Cash, Bank Of England (BOE) Governor Andrew Bailey Said, "The Evidence Shows That People Do Want Cash, So We Will Continue To Provide It." Bailey's Remarks Reiterate What Sarah Breeden, A Senior Bank Of England Figure, Said During A Questioning By The Treasury Committee Last Year. She Said: "We Will Ensure That Cash Is Available As Long As There Is Demand. We Will Ensure That The Cash Infrastructure In The Financial System Exists As Long As There Is Demand-cash And Digital Currency Are Both Options." Since The Idea Of CBDC Was First Proposed A Few Years Ago, Legislators And Citizens Have Been Divided Over Its Pros And Cons. Those Who Support Britcoin Believe It Has The Ability To Reduce Costs And Risks. However, Opponents Worry That It May Give The Government The Power To Monitor People's Spending And Replace Cash. The Bank Of England Began Designing A Digital Version Of The Pound In January This Year. However, The Bank Of England Has Not Yet Decided Whether To Actually Launch It. Bailey Said He Supports Banks Issuing Wholesale CBDCs, But Is Cautious About Issuing Retail CBDCs. He Added That In Terms Of Retail CBDCs, "it Is Difficult To See Central Bank Currency Playing An Anchoring Role." However, Wholesale CBDCs Could Play A “special Role For Central Bank Money In Wholesale High-value Payments And Settlement Of Payment Systems.” Bailey Further Added That The Bank Of England Is Building A Retail CBDC For Innovation. He Believes That CBDC Innovation Should Be Open To The Private Sector And It Will Ensure That Commercial Banks Modernize Digital Payment Systems. He Also Pointed Out That Banks Lack The Incentive To Improve Efficiency In Certain Areas (such As Cross-border Payments), Which “inhibits Innovation.” Therefore, In The “cross-border Payments Area, Modernization Progress Remains Slow,” Bailey Said, And Better Digital Systems Are Needed, “There Is No Good Reason To Make Arbitrary Decisions On This Issue.” (Bloomberg)
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