The Bank of England is considering slowing down the development process of the digital pound and is evaluating alternatives such as tokenized deposits.

BlockBeats News, May 2nd, according to Bloomberg, the UK Treasury and the Bank of England are considering slowing down the development process of the digital pound “Britcoin.” UK officials are contemplating a “compromise plan,” which involves delaying the progress of this CBDC rather than making a final decision to approve or scrap the project this summer. One reason officials favor postponing full-scale development is that private sector innovations such as tokenized deposits might offer alternatives, enabling faster and cheaper payments while leveraging the existing regulated banking system.

Currently, Bank of England Governor Andrew Bailey remains skeptical about the necessity of a retail digital pound. Meanwhile, the European Central Bank is advancing its digital euro project, while the United States has halted related work on central bank digital currencies.