BoE’s Jon Cunliffe says Banks will have to adjust from the impact of future digital currencies

John Cunliffe, deputy governor of the Bank of England said banks must adapt to the changes brought on by digital assets at an online seminar hosted by Columbia University.

Bank of England Deputy Governor Jon Cunliffe

“Banks will have to adjust. Our job is to ensure that if bank business models change, we manage the financial and macro-economic consequences of that.” Cunliffe said at an online seminar.

One of the leaders of England’s central bank said politicians must accelerate their effort to explore the implications of CBDCs.

“They need to go up the political agenda quite fast before the political side discovers there are developments in the private sector that actually don’t fit with policy,” he added.

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