BBVA Chairman Francisco Gonazalez: cryptocurrencies are perfect

The BBVA head says that the world has entered an 'incredible digital revolution' and that a new world order is in the making

Francisco Gonzalez, Chairman of Spanish banking giant, BBVA, is a big fan of cryptocurrencies and blockchain technology.

“Cryptocurrencies are perfect, but are used for bad purposes today, so be careful,” he warns. “Cryptocurrencies must be understood and can’t be in the corner where the malpractices are taking place.” He praised blockchain and DLTs, claiming they “are also perfect, they are big, big tools”.

No comment from BBVA

Coin Rivet contacted Gonzalez’ office in Madrid to get further insight on his and his bank’s tale on cryptocurrency and to see if it has plans for adopting crypto in any way or form. However, the initial person we spoke to, who refused to give her name, said the Chairman was “not available for comment, ever”. BBVA press officer Felicidad Perez took Coin Rivet’s call but asked for an email to be sent with questions. We have yet to receive a response to that email.

One of our questions to Gonzalez was whether he believed fiat currencies were also being used in illegal or ill-conceived activities. Cryptocurrency expert and Ambassador Sterlin Lujan, for instance, recently told an audience in Sofia, Bulgaria during the Next Block Conference that the US dollar is used for such purposes as “bombing innocent children in Syria”.

The digital revolution

The BBVA Chairman believes that, “we’re in the middle of an incredible digital revolution and a new world order is in the making, both economically and socially”. In an interview with CNBC, he adds: “The legal architecture of the world today is incongruent with that new world order, so something must be done to spread the wealth of this revolution to everybody and be careful with the inequality problems.”

A completely different world

He noted that “we are living in the information society” where “everything is within reach of everybody”. He praised the big tech companies that “are changing everything … this is good, but we have to be careful with the ripple effects”.

Gonzalez also spoke of BBVA’s FinTech investments. “When we buy FinTechs, or a 10% or 100% stake, we are buying options. It can be billions, it can be nothing, after all, we will see over time.”

BBVA became the first international bank to issue an $87 million loan on the blockchain in April. In July, it approved a new $117 million loan on the blockchain to civil engineering firm ACS Group.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.


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