Bank of England: We will not protect banks against digital currencies.

Deputy Governor of the Bank of England, Jon Cunliffe, said that his department is not obliged to protect commercial banks from the potentially negative consequences of the spread of digital currencies, Reuters.

“Our job is not to protect banks’ business models. Banks will have to adapt. Our task is that, when banking business models change, we can cope with the macroeconomic consequences of this,” Cunliffe said.

In his view, policymakers should focus on the possible consequences arising from the emergence of central bank digital currencies.

What is central bank digital currency (CBDC)?

Earlier, Christine Lagarde allowed the possibility of issuing a digital euro within the next four years.

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