'Banks will have to adjust' to crypto, says Bank of England leader
Cointelegraph
Published Nov 13, 2020 10:46AM ET
Updated Nov 13, 2020 12:20PM ET
Blockchain and digital assets offer folks the ability to store their own assets, possibly threatening the solutions banks offer. Making sure banks remain relevant is not on the to-do list of England's central bank, however, according to the Bank of England's deputy governor Jon Cunliffe.
“Our job is not to protect bank business models,” Cunliffe said, as reported by a Friday Reuters brief. “Banks will have to adjust," he added. "Our job is to ensure that if bank business models change, we manage the financial and macro-economic consequences of that.”
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Written By: Cointelegraph
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