“Innovate or die!”
This is how the CEO of BBVA, Carlos Torres, summarized the vision of the bank on the future of the economy and financial sector. The executive observes the potential in cryptocurrency, in contrast to the opinion of regulators, and asks the Spanish authorities for, “space for experimentation”.
For the Banco de España and the CNMV they are “huge risk” assets and their evaluation is that cryptocurrencies are “speculative bubbles”. For the Ministry of Economy, led by Luis Guindos, they are “highly speculative” and are not currency.
Accurding to BBVA, however, cryptocurrencies and blockchain are part of the new economic order that will transform technology.
“Beyond the noise created by the proliferation of cryptocurrencies and their volatile prices recently, the impact of technology here at one time can Be Enormous,”
Points out The Deputy Director of BBVA.
Blockchain technology is the focus of the deputy’s course entitled, “The economy before the blockchain”. The executive believes that this technology will make the banks more efficient,
more agile and more transparent.
BBVA is contemplating the idea of negotiating and contracting union loans on a blockchain. BBVA already has tests in progress, which involves deploying a network for multiple participants in which they will share information.
by Samuel Paz
