For us, innovation comes from taking a hard look at what we’re doing and considering alternatives. The Bank of England has said that the use of Bitcoin and other digital currency could lead to a " New Monetary Order " , as central banks would be incapable of implementing monetary policy in such a scenario . The bank 's senior deputy governor , Carolyn Wilkins , warned on the risks of such a state of affairs , saying " consumers and businesses could suffer important losses if such an e - currency were to crash " , as " central banks could n't act as lenders of last resort as they do for their own currencies " . Warnings such as this are generally dismissed by those in the digital currency industry , who often say that the impact of central bank 's virtual economies through the money supply is more damaging than the largely predictable and automated monetary conditions set under a digital currency .
The Bank of England has said that the use of Bitcoin and other digital currency could lead to a " New Monetary Order " , as central banks would be incapable of implementing monetary policy in such a scenario . The bank 's senior deputy governor , Carolyn Wilkins , warned on the risks of such a state of affairs , saying " consumers and businesses could suffer important losses if such an e - currency were to crash " , as " central banks could n't act as lenders of last resort as they do for their own currencies " . Warnings such as this are generally dismissed by those in the digital currency industry , who often say that the impact of central bank 's virtual economies through the money supply is more damaging than the largely predictable and automated monetary conditions set under a digital currency .