“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.”Moreover:
“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?