Categories: Cryptocurrencies

BBVA sees great potential in cryptocurrencies

He has gone so far as to ask Spain’s relevant authorities to ease off regulations and reconsider their stance regarding crypto, saying bankers need to “innovate or disappear.”

Cryptocurrencies are part of the new economic order that will be transformed by technologies such as blockchain,” he states (his bank poured over $75 million (£57 million) into Coinbase in 2014, earning it 1,400% in profits three years later).

However, Spain’s Ministry of Economy considers cryptocurrencies to be “activities posing huge risks” and the volatility that characterises them is a clear indication that they are “trapped within a speculative bubble.”

“Beyond the disruption created by the proliferation of cryptocurrencies and their volatility, the impact of technology can be enormous in the long term,” says Torres. He adds that, “The operational regime of cryptocurrencies imposed on financial institutions is highly restrictive. Authorities need to allow more leeway for experimentation and public policies should instead be aimed at promoting progress and allowing Spain to position itself as a centre for innovation to attract talent and investments.”

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.

Disqus Comments Loading...

Recent Posts

Here is why Bitcoin is still a lucrative investment in 2024

Those who enter the market at this time may be surprised to hear that Bitcoin…

3 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

11 hours ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

1 month ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

1 month ago