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U.K. Lords See No Convincing Case for BOE to Make Digital Pounds

  • Lawmakers including former BOE governor criticize project
  • Digital currency may drain bank deposits and reduce privacy
The Bank of England in the City of London.

The Bank of England in the City of London.

Photographer: Hollie Adams/Bloomberg

A panel of lawmakers from the U.K. Parliament delivered a blow to the Bank of England’s effort to launch a digital currency, saying officials have given no convincing reason it’s needed.

The House of Lords Economic Affairs Committee, which includes former BOE Governor Mervyn King, raised concerns the project might threaten the stability of the banking system and inject the central bank into controversial debates on privacy.