Bailey casts doubt on new forms of money for retail use

Bank of England Governor Andrew Bailey on Friday questioned why new forms of money, such as stablecoins and central bank digital currencies for retail use, were needed for use in the wider economy.

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These technologies needed to demonstrate clear benefits - innovations like smart contracts in payments and anti-fraud technology - and prove they can function as money to justify widespread use by consumers, Bailey said.

"I remain to be convinced that we need to create new forms of money - such as Central Bank Retail Digital Currency - to achieve this," Bailey said in a speech delivered at the National Bank of Ukraine in Kyiv.