The head of the Central Bank of Spain: the recognition of cryptocurrencies carries more risks than benefits

The head of the Central Bank of Spain has a positive attitude to the possibilities of blockchain technology. At the same time, he opposes the risks posed by the cryptocurrency. The position of the government the Bank announced at the meeting of may 23, reports Cointelegraph.

The risks of cryptocurrencies are too big

Luis Maria Linde, believes that the technology of the blockchain can offer the financial sector a lot of interesting possibilities. However, he called her too young for the integration in the banking sector. Linda also noted that the adoption of the cryptocurrency at the global level requires serious action by financial regulators.

The movement in support cryptoeconomy is associated with huge risks to digital security. To protect internal processes, assets and personal user data, you need to develop the best methods of opposition to hacker attacks.

Themselves cryptocurrencies Linda calls a passing fad. In his opinion, Bitcoin does not bring almost anything new to already existing order in the economy.

Cryptocurrencies have a low level of trust as a means of payment, too much volatility and a lot of vulnerabilities at a technical level. They are often used in criminal activities, in particular for money laundering.

Bitcoin is not recognized as a legal currency in Spain, but it can be considered a digital asset. Transactions in the network of cryptocurrency may be governed by the provisions of the civil code of Spain and the decisions of the Congress of deputies.

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