The Bank of England will not protect banks from digital currencies, says deputy governor


Sir John Cunliffe, deputy governor of the Bank of England, says it is not the job of central banks to protect banks from the potential fallout of a proliferation in digital currencies.

“Our job is not to protect bank business models,” said Cunliffe at an online seminar hosted by Columbia University.

Cunliffe said lenders would have to adjust to such changes on their own.

His comments come just a day after European Central Bank president Christine Lagarde said she has a “hunch” Europe will proceed with the development of a digital euro, although it is not racing to do so.

At today’s seminar, Cunliffe said politicians must accelerate their effort to explore the implications of CBDCs.

Read Also:   Google searches for Bitcoin are on the rise in Cuba

“They need to go up the political agenda quite fast before the political side discovers there are developments in the private sector that actually don’t fit with policy,” he said.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Google Play

Source link

What do you think?

Comments

Leave a Reply

Loading…

0

Discover a Way to Earn €8K a Month on Your Bitcoin and Savings

Tezos (XTZ) Blockchain Upgrade ‘ Delphi’ Cuts Smart Contract Fees to Attract DeFi