Bank of England Governor Andrew Bailey questioned the need for a digital pound on Monday just as euro zone finance ministers backed further preparatory work on a digital euro.
in coming weeks on what should be the legal attributes of a digital pound - if it was decided to go ahead and launch one - which backers say would mean faster transactions.
The Bank is updating its real-time gross settlement system , which holds the accounts of Britain's banks, building societies and other institutions at the BoE. Bailey was also cautious about a digital pound for retail use such as for making payments, adding there is no plan to abolish cash.
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