Andrew Bailey, governor of the Bank of England, recently questioned the need for a digital pound for consumers at a conference in Kiev, Ukraine, saying that "it has not yet been convinced that a new form of money needs to be created". This is the clearest official UK reservation about the "Britcoin" plan. The project is currently in the design stage, but has encountered public concerns about privacy security, banking concerns about the loss of deposits, and warnings from the House of Lords Economic Affairs Committee that "the risks may outweigh the benefits". Bailey stressed that the wholesale central bank digital currency (used for settlement between Financial Institutions Groups) is progressing well, but the retail version still needs to be demonstrated for its practical benefits.