The Bank of England is considering shelving its digital pound plan.

As people's doubts about the benefits of the digital pound project increase, officials at the Bank of England are considering shelving the plan to introduce a digital pound for households. This is the latest sign of a weakening global push for national-supported digital currencies. Sources said that the Bank of England is privately urging the banking industry to accelerate payment innovation so that similar benefits can be realized even if a central bank digital currency is not introduced for consumers. These sources indicated that the Bank of England wants to be prepared to launch a central bank digital currency when necessary, but is also willing to step back if private enterprises continue to introduce new electronic payment technologies. Employees believe that the benefits of launching the digital pound have decreased. The Bank of England declined to comment. However, Governor Andrew Bailey stated at a parliamentary hearing on Tuesday, "If successful cooperation with commercial banks can convince me of the need to launch the so-called 'Britcoin,' we need more reasons." He told the Treasury Committee, "I think this is a reasonable starting point. If cooperation is successful, I will question why we need to introduce a new form of currency."