BoE: Not Responsible for Protecting Bank Business Models

It is not the job of the Bank of England (BoE) to protect the business models of banks, said the Deputy Governor of the BoE, Jon Cunliffe, commenting on the future impact of digital currencies, Reuters reported.

“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.”

“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.”