The Bank of England is reportedly considering shelving the digital pound plan.

Due to increasing skepticism from the public about the benefits of the project, Bank of England officials are considering whether to shelve plans to create a digital pound, the latest sign of declining global support for national digital currencies. According to sources, the Bank of England has been privately urging the banking industry to accelerate innovation in payment systems in order to bring similar benefits without creating a central bank digital currency for consumers. They indicate that if necessary, the Bank of England hopes to be able to launch a central bank digital currency. However, if private companies continue to introduce new electronic payment technologies, the Bank of England is willing to step back; and its staff believe that the benefits of advancing the issuance of a digital pound have diminished. The Bank of England declined to comment.