According to Bloomberg, the UK Treasury and the central bank are discussing slowing down the development of the digital pound (CBDC) 'Britcoin'. 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 technological innovations in the private sector, 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 CBDC, the UK appears to be taking a cautious approach, positioned between Europe, which is accelerating the digital euro, and the US, which has halted related work.
