According to a report by Bloomberg, on June 20, Coin World reported that Andrew Bailey, the Governor of the Bank of England, recently questioned the necessity of a consumer-facing digital pound at a conference in Kyiv, Ukraine, stating that he "has not been convinced of the need to create a new form of currency." This is the clearest reservation from the UK government regarding the "Britcoin" plan. The project is currently in the design phase but has faced public concerns about privacy and security, worries from the banking sector about deposit outflows, and warnings from the House of Lords Economic Affairs Committee that "the risks may outweigh the benefits." Bailey emphasized that the progress of wholesale Central Bank Digital Currency (used for settlements between financial institutions) is going smoothly, but the retail version still needs to demonstrate its actual benefits.