Bank of England Governor Bailey questions the consumer digital pound.

According to Gate News bot, Bloomberg reports that Andrew Bailey, the Governor of the Bank of England, has expressed doubts about the necessity of a consumer-facing digital pound and questioned whether the UK will proceed with its plans.

Baily said on Friday that he is not yet "convinced that we need to create new forms of currency" in order to benefit from advancements in payment technology, such as smart contracts and anti-fraud measures.

This is one of the strongest signals sent by President Bailey so far, indicating that UK officials have significant doubts about whether to advance a consumer-facing digital pound.

The Bank of England is currently in the design phase of its retail Central Bank Digital Currency and is currently lagging behind other jurisdictions in creating this currency. Like the UK Treasury, the Bank of England has not yet made a final decision on whether to build a household-facing digital pound.

Bailey stated that the Bank of England is making "good progress" in creating a wholesale central bank digital currency for interbank transactions. However, he expressed doubts about the accompanying project aimed at everyday consumers.