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Blockchain and digital assets allow people to store their own assets, potentially threatening the solution that banks provide. However, ensuring that banks remain relevant is not on the to-do list of England’s central banks, according to Bank of England Deputy Governor Jon Cunliffe.

“Our job is not to protect banks’ business models,” said Cunliffe, as reported by Friday Reuters short. “Banks will have to adapt,” he added. “Our job is to ensure that when banks’ business models change, we manage the financial and macroeconomic consequences.”

Cunliffe argued that it is not the Bank of England’s responsibility to ensure that regular banking activities remain relevant. Central bank digital currency, or CBDCs, threaten the solutions offered by commercial banks by eliminating them as middlemen. Crypto more generally offers users the option of self-custody, which challenges banks, although banks still act as fiat currency ramps.