UK accepts possible bank disintermediation with digital pound

Whether a retail central bank digital currency (CBDC) is a threat to the existing model of bank balance sheet management depends on who owns the liability. The United Kingdom is right to prepare for the likelihood of a future of a digital pound, dubbed “Britcoin”, but the transfer of liabilities from commercial banks to the Bank of England would be a deep-seated challenge to balance-sheet driven market participants.
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