The Bank of Spain Finally Adopts Cryptocurrencies

According to reports, sources at the Bank of Spain have stated that Banco de Espana plans to study the impact of digitalization on financial services. Bank of Spain Finally Adopts Cryptocurrencies.

Over several years, the Bank of Spain has been deafeningly silent on the topic of digital currencies. This year, though, it’s beginning to express itself. For banks, the identification of a digital currency service provider is now complete and available for use.

Bank of Spain Finally Adopts Cryptocurrencies
  • The research’s goal is to identify the impact of digitalization on many aspects of society.
  •  Within the next three years, Must be developed plans for bank crypto initiatives.

As reported by the Spanish daily El Pais. Additionally, the Banco de Espana is gathering additional information. Financial firms engaged in the usage of digital currency in their activities have expressed interest in participating.

The research’s goal is to analyze the impact of digital technologies on the financial services sector. Instead of restricting or encouraging virtual currencies in any manner, it is preferable. This category includes linkages to technology platform service providers and interest in and other exposures to cryptocurrencies, amongst other things. According to the research, bank cryptocurrency initiatives should be conceptualized and detailed within the next three years.

Bank of Spain Finally Adopts Cryptocurrencies

About New Approaches

Furthermore, the new approach, mainly when Spanish central banks are growing more open to the use of digital currency. Banco Santander, the country’s largest bank, has announced plans to develop an exchange-traded fund (ETF) dedicated to cryptocurrencies (ETF). Aside from these financial organizations, BBVA and CaixaBank are two others that are exploring digital assets.

Several large Spanish banks, including Santander and four others, have built a proof-of-concept for intelligent contract payments transactions, making them available to the public. Earlier this year, Banco Santander redeemed the blockchain-based bond it had created.

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