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

The Deputy Governor of the Bank of England, Sir John Cunliffe, said that the Central Bank is not obliged to protect private banks from the dangers of digital currencies.

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

“Protecting the banks’ business models is not our job, ” Cunliffe said.

The Deputy Governor of the Bank of England also called on politicians and regulators to speed up the processes of studying the threats and consequences of the introduction of public and private digital currencies:

“We need to develop a unified position, and as quickly as possible – before politicians realize that changes and developments are taking place in the private financial sector that do not meet the requirements of regulators.”Earlier, the president of the European Central Bank, Christine Lagarde, said that the development of the digital euro will take from two to four years.