Amid growing concerns that the Bank of England's digital currency (CBDC), Britcoin, will replace cash, Andrew Bailey, governor of the Bank of England (BOE), said, "The evidence is that people do want cash, so we will continue to offer it." Bailey stated that he is in favour of banks issuing wholesale CBDCs but is cautious about issuing retail CBDCs. Bailey further added that the Bank of England is setting up retail CBDCs to be used for innovation. He argued that CBDC innovation should be open to the private sector and it would ensure that commercial banks modernise their digital payment systems.