Bank of England Governor Andrew Bailey questioned the need for a digital pound on Monday, Reuters reported. The UK will launch a public consultation on the legal nature of a digital pound in the coming weeks. Bailey told a parliamentary select committee on finance on Monday that he was unsure whether a digital pound was needed at the moment. At the same time, he was also cautious about the digital pound being used for retail purposes such as payments, adding that there were no plans to abolish cash. On the other hand, euro zone finance ministers said on Monday they supported continuing preparations for a potential digital euro, which the European Central Bank (ECB) is currently studying. The EU is due to publish a draft law this year on how a digital euro would fit into EU law.