Bank of England's CBDC Plan: Will Banks Survive?
The Bank of England CBDC plan threatens traditional banks. According to Governor Andrew Bailey, banks must modernize or risk failure. This digital currency push creates new challenges for the UK banking sector. Innovation will determine which banks will survive. Many banks are already closing branches, showing the start of major changes in banking. Also Read: Ripple (XRP) & Solana (SOL) Price Forecast For November 2024 Exploring the Impact of the Bank of England’s CBDC on Traditional Banks Survival Through Innovation or Extinction Bailey’s message at the Group of Thirty’s Annual International Banking Seminar was clear: “If for some reason innovation is unlikely to happen, then the central banks have to decide whether they are the only game in town.” Banks must update their systems or lose business to the central bank. Research shows banks could lose 20% of their revenue when Bank of England’s CBDC launches. Small banks face the highest risk of failure. Ban...
