Bank of England Governor questions consumer facing digital pound

On June 20th, according to Bloomberg, the Governor of the Bank of England, Andrew Bailey, recently questioned the necessity of a consumer facing digital pound at a meeting in Kiev, Ukraine, stating that he has not yet been convinced of the need to create new forms of currency. This is the UK's most explicit reservation towards the 'Britcoin' plan. The project is currently in the design phase, but has encountered concerns from the public about privacy and security, concerns from the banking industry about deposit outflows, and warnings from the House of Lords Economic Affairs Committee that 'risks may outweigh returns'. Bailey emphasized that wholesale central bank digital currencies (used for settlement between financial institutions) are progressing smoothly, but the actual benefits of the retail version still need to be demonstrated.