Internet reports that Bank of England Governor Andrew Bailey recently questioned the need for digital pounds for consumers at a meeting in Kiev, Ukraine, saying that "it has not yet been convinced of the need to create a new form of money." This is the clearest reservation the British official has about the "Britcoin" plan. The project is currently in the design stage, but has encountered public concerns about privacy, banking industry concerns about the loss of deposits, and warnings from the House of Lords Economic Affairs Committee that "risks may outweigh benefits." Bailey emphasized that wholesale central bank digital currency (used for settlement between financial institutions) is progressing smoothly, but the retail version still needs to demonstrate its actual benefits.