Spain’s Central Bank (BDE) has published a report detailing how cryptocurrencies can improve existing financial infrastructure and monetary policy.
The document says that the use of virtual currencies in banking operations can have a positive impact on the national economy. However, it is clarified that only coins issued by the Central Bank can benefit monetary policy..
BDE chief economist Galo Nugno only studied the main reasons that lead other central banks to explore the prospects for cryptocurrency adoption, so the broader implications for the state economy are not considered..
The author of the report believes that the virtual currency will increase the efficiency of control over the movement of funds in the country, and the blockchain can be used to manage interest rates without the need to issue paper money..
However, in conclusion, he notes that more research is needed before implementing a blockchain-based system..
While banks are still wary of new technology, a Juniper Research study found blockchain adoption would save them $ 27 billion annually..
text: Ivan Malichenko, photo: Banco de España / flickr