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    Bank of England says its role is not to protect banks against digital currencies

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    Naija247news Media, New Yorkhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    LONDON, Nov 13 – Bank of England Deputy Governor Jon Cunliffe said it was not his job to protect banks from the impact of future digital currencies, which could dramatically reduce households’ willingness to hold money in traditional bank accounts.

    “Our job is not to protect bank business models,” Cunliffe said.

    Regulators including the BoE are considering what role digital currencies issued by central banks could play in simplifying domestic and international payments

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