UK considers slowing digital pound 'Britcoin' development

The UK Treasury and the Bank of England are discussing plans to slow the development of their central bank digital currency (CBDC), nicknamed Britcoin, Bloomberg reported. A final decision on whether to move forward with the project, which was expected this summer, is now likely to be postponed. The potential delay stems from the view that private sector innovations like tokenized deposits are already offering fast and affordable payment alternatives within the existing banking system. The UK's cautious approach places it between Europe, which is accelerating its digital euro project, and the U.S., which has halted similar work, amid skepticism from Bank of England Governor Andrew Bailey about the need for a CBDC.