Bank boss is 'not convinced' on digital pound

THE governor of the Bank of England has said he is “not convinced” by new forms of money such as a digital pound, as he also warned over the use of cryptocurrencies.

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Andrew Bailey, speaking at a conference in Kyiv, Ukraine, said central banks have to be alert to the growing “non-money system”.

Mr Bailey said he remains “to be convinced that we need to create new forms of money ~ such as central bank retail digital currency - to achieve” benefits such as smarter payments and fighting fraud.