due to increasing concerns that the Bank of England's digital currency (CBDC) Britcoin will replace cash, BOE Governor Andrew Bailey said, "Evidence shows that people do indeed want cash, so we will continue to provide it." Bailey said he supports the bank issuing wholesale CBDCs, but is cautious about issuing retail CBDCs. Bailey further added that the Bank of England is building a retail CBDC for innovation. He believes that CBDC innovation should be open to the private sector, which will ensure that commercial banks achieve modernization of digital payment systems.