In an article written by The Telegraph, the main purpose of Boe’s efforts to create a digital currency was rather than to meet the needs of the people, but to protect the current financial model of the Central Bank.

According to Record, the reasons for the digital pound of the Central Bank of the UK are not convincing enough to implement such a huge financial project. He said that the main anxiety of the bank was the decrease in income due to a decrease in cash usage.

In the current system, banknotes and coin holders could not gain interest earnings and this is one of the main sources of income of the Central Bank of the UK. Record said that this income of the bank decreased as cash use decreased and claimed that the digital pound was seen as a tool to close this gap.

In addition, he said that consumers in the UK already have access to safe digital payment systems.

Noting that payments made through banks and mobile platforms are widely used, Record said that a digital currency designed for daily transactions will be difficult to compete with existing services.

Questioning why consumers would need such a system, Record said that the digital pound is an unnecessary project for citizens, although the digital pound is important for Boe.

Recording concerns about privacy, Record said the digital pound will be suspected by British consumers and that people can avoid trading in a state -backed digital currency.

Banks and special payment services are already safe enough consumers, the UK Central Bank’s direct financial transactions may not look hot, he added.

Record emphasized that the digital pound project carried out by Boe and the Treasury has cost £ 24 million (approximately $ 30 million) so far and that the customer interest is quite low. He said that the bank should focus on basic tasks such as inflation control rather than such experimental projects.

The Central Bank of the UK and the Treasury announced in 2021 that they started to investigate the idea of ​​digital pound. Although various consultations and discussions have been carried out since then, no clear decision has been taken as to whether the digital pound will be implemented yet.

The British government and the Central Bank continue to evaluate the impact of the digital currency on financial stability and payment systems. However, critics such as Record think that such projects are costly and unnecessary and that resources should be directed to more important areas.