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 Canada has said that the use of Bitcoin and other digital currencies 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 "households and businesses could suffer important losses if such an e-money were to crash", as "central banks couldn'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 controlling economies through the money supply is more damaging than the largely predictable and automated monetary conditions set under a digital currency.