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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