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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
Updated Sep 14, 2021 at 10:30 a.m. UTC

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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