If banks want to retain their customers, they will have to start working with digital currencies. This was stated by John Canliff, Deputy Central Bank of Great Britain, in a conversation with Reuters journalists.
The mass introduction of regulated digital Bitcoin Code currencies is almost inevitable, so banks will have to adapt to the new market situation.
Our job is not to protect the banking system. Banks will have to adapt. Our task is to ensure that the banking model changes with all macroeconomic implications.
The launch of CBDC creates certain risks for commercial banks. This is due to the fact that token holders will no longer have to involve intermediaries in processing transactions.
These are the intermediaries currently being used by the banks that have been challenged. However, CBDC tokens are unlikely to be able to force them out of the market in the near future, as credit institutions continue to be key institutions in the modern financial system.
It should be noted that the management of the Bank of England is extremely negative about Bitcoin and other decentralised cryptov currencies.
The Head of the Bank of England Andrew Bailey recently stated that the BTC is a volatile instrument, which only increases in price due to the influx of new investors.