The Central Bank of Spain, Banco de España (BDE) have published a new document that discusses how cryptocurrencies could boast a number of advantages to assisting the BDE with managing their financial policies and of course, overall advantages to the Spanish financial system. This brings Spain to the fore of the cryptocurrency adoption party, joining the likes of the United Kingdom, Malta and Switzerland in their positive views on cryptocurrencies.In a report, by Galo Nuño, the Director General for Economy at Banco de España, the full notion of cryptocurrencies is discussed in positive light due to its ability to promote new, creative mechanisms within the Spanish economy. According to ICOExaminer:
“Authored by Galo Nuño, a member of Banco de España’s Dirección General de Economía y Estadística who was handed a remit for looking into the ‘principle motivations for which a number of central banks are currently investigating the potential consequences of introducing such instruments,’ the report specifically focuses on the ‘potential consequences and implications’ of digital currency for managing banking reserves, monetary policy and general financial stability.”
“Nuño highlights the ability of digital currencies to offer a wider range of creative mechanisms for managing the general money supply, particularly for reigning in the amount of money in circulation in the real economy when this option is largely unavailable for paper-backed money.”
See the full article for yourself, here. You can see the full publication by Banco de España for yourself, here. This document is presented in Spanish. This is positive news for cryptocurrency adoption within Europe and suggests that Spain will pay close attention to the further investigations carried out by the European Commission into cryptocurrencies. As we know, the work by the European Commission looks to be leading a number of European countries towards becoming pro cryptocurrency and thus, Spain have now cemented themselves an invitation to this party. For now, we expect to hear more news from the BDE over the coming months as they continue to pinpoint just how advantages cryptocurrencies could well be within the country. Who knows, perhaps in a few years Spain will have a format which see’s Bitcoin run alongside the Euro?
Robert first came across Bitcoin in 2016 during a meetup in Belgium, and has been hooked ever since. With a background in Economics, you can find Robert frequently looking at the Twitter feed of the SEC for any regulatory updates relating to Bitcoin and Crypto in general.