Bank of Spain blasts cryptocurrency, praises blockchain

The Governor of the Bank of Spain Luis Maria Linde highlights the potential blockchain has in improving and reducing the costs of services but rejected Bitcoin and other cryptocurrencies because of their volatility.

“The technology that enables cryptocurrencies offers interesting possibilities,” said Linde.  “Blockchain has the potential to provide more efficient services at lower costs.”

Linde warned that cryptocurrencies, “In my opinion, present more risks than benefits, they have a very low acceptance as a method of payment and have been linked to illegal and fraudulent activities in many cases.”