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BOE's Broadbent Says Digital-Currency Shift Comes With Bank Risk

  • Deputy governor for monetary policy speaks in London
  • Says central bank currency may pose risks to commercial banks
Updated on

Central banks may risk harming the business model of commercial banks if they move toward creating their own digital currencies, according to the Bank of England’s deputy governor for monetary policy, Ben Broadbent.

As the BOE intensifies its research into digital money, officials have “a lot more thinking to do” on the topic, he said. The comments, part of a speech at the London School of Economics on Wednesday, echo those of Chief Economist Andy Haldane, who said in a Bloomberg interview on Monday that the future of cash raises “existential” questions for central bankers.