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Amid rising skepticism, the Bank of England is contemplating shelving its digital pound project. Privately, the Bank is urging the banking sector to expedite payment innovations to achieve benefits akin to those offered by a central bank digital currency (CBDC). This shift signifies the latest indication of waning global support for state-backed digital currencies. Although no final decision has been made, insiders reveal that the Bank is reconsidering the launch of a digital pound for households due to the diminishing anticipated benefits of the project. The Bank aims to be ready to deploy a digital currency should the need arise, but it is also open to staying in the background if private enterprises continue to introduce novel electronic payment technologies.
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