Bank of England Official Balks at Shielding Banks Against Digital Currencies: Report
Deputy Governor Jon Cunliffe says protecting bank business models is not BoE's responsibility.
Nov 13, 2020 at 2:38 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LZW4OAZ7GFHJ5DYNTP7I73LCPQ.jpg)
Bank of England Deputy Governor Jon Cunliffe said it was not his central bank's responsibility to protect banks from whatever impacts digital currency projects may bring.
- “Our job is not to protect bank business models,” Cunliffe said, according to Reuters.
- Politicians must fast-track their analysis of central bank digital currencies to stay ahead of the private sector, he said.
- The Bank of England is one of the many central banks currently studying digital currencies.
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