News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Fintech

Bank of England bosses say banks don’t need to worry about Britcoin

Banks will have to keep up with crypto's evolution, but privacy issues could remain, say Cunliffe and Bailey

Sir Jon Cunliffe said the Bank did not intend to cut out established lenders with a digital pound
Sir Jon Cunliffe said the Bank did not intend to cut out established lenders with a digital pound Photo: Jason Alden/Getty Images

Concerns raised by UK banks about the impact of a central bank digital currency on their business models are partially unfounded, according to top Bank of England officials.

The Bank’s deputy governor for financial stability Sir Jon Cunliffe has said that modelling produced by Threadneedle Street in June, which predicted that up to 20% of retail bank deposits could move into a CBDC, would be just another innovation that banks would have to catch up with.

WSJ Logo