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 workshop hosted by Columbia University, Cunliffe emphasized that commercial banks will have to adapt their operations to the threats posed by blockchain-based currencies on their own.
“Protecting banks’ business models is not our job,” Cunliffe said.
Also, the Deputy Governor of the Bank of England called on politicians and regulators to speed up the processes of studying the threats and consequences of the introduction of public or private virtual money:
“We need to work out a common position, and as soon as possible – before politicians understand that changes and developments are taking place in the private financial sector that do not meet the requirements of regulators.”
We remind that recently, the European Central Bank announced that the development of the digital euro will be needing from two to four years.
