The Bank of England will not protect commercial banks from digital currencies

14.11.2020
«first-p»>Sir John Cunliffe, Deputy Governor of the Bank of England, has stated that the Central Bank has no obligation to protect private banks from the dangers of digital currencies.

During an online seminar organized by Columbia University, Cunliffe stressed that commercial banks would have to adapt their activities independently to the threats posed by digital currencies.

«It’s not our job to protect banks’ business models,» said Canliff.

Also, the Deputy Governor of the Bank of England urged politicians and regulators to accelerate the process of studying the threats and consequences of the introduction of public and private digital currencies:

«There needs to be a unified position, and as soon as possible, before politicians realize that changes and developments are taking place in the private financial sector that do not meet regulatory requirements;

Earlier European Central Bank President Christine Lagarde told that digital euro development will take from two to four years