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, 2:38 PM

Updated Aug 19, 2021, 5:37 AM

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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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