BBVA Group Exec Chairman: “Cryptocurrencies are perfect” BUT…

Banco Bilbao Vizcaya Argentaria (BBVA) does not close the doors to blockchain technologies as an important innovation for its business model. Its executives’ vision of cryptocurrencies can explain the reasons for its growth and financial solidity.

BBVA Group Exec Chairman: “Cryptocurrencies are perfect” BUT…
In an interview with CNBC, Francisco Gonzalez Rodriguez, Executive Chairman of BBVA, explained that cryptos are perfect for the economic system, but because of their characteristics they are also especially attractive for criminals who want to hide behind their anonymity and decentralization to commit criminal acts:

“Cryptocurrencies are perfect, but are used for bad purposes today, so [one has to be] careful. Blockchain and distributed ledger technologies are also perfect, they are big, big tools. But the cryptocurrencies must be understood, [especially] the corner where the malpractices are going.”

Francisco Gonzalez

Cryptos are Still Immature

According to Mr. Gonzalez, cryptos are the result of the “incredible digital revolution” that modern society is experiencing. However, it could be concluded that studying the panorama in the short term, Mr. Gonzalez shares the opinion of the majority of banks that think cryptos are still too immature to be globally accepted.

In statements for the Spanish newspaper “El Economista,” Carlos Torres, CEO of BBVA explained that although he was enthusiastic about blockchain applications, the technology “is not mature and has significant challenges.”

BBA: A Soon-To-Be Blockchain Bank?

BBVA is one of the most important banks in Spain and the world, occupying the number 41 in the list of the most important and profitable. Currently, its total assets are valued at 805.74 Bn$. In April, BBVA became the first bank to issue a loan using blockchain technology, processing a credit of 87 M$.

Likewise, after this experience and in spite of being aware of the risks, the bank valued the benefits obtained and issued a second blockchain-based loan of $117 million for civil engineering firm ACS Group.

Are Cryptos Really THAT Bad or Dangerous?

BBVA continues to explore the uses of cryptocurrency and despite the “fear” that they could be used by criminals, an Interpol report named “Why is Cash Still King” explains that criminals actually prefer to use traditional fiat money rather than choose cryptocurrency to commit crimes:

“Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process …
While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk: money laundering and cash have been the stock of criminals for decades. However, this is precisely what makes the findings of this report of interest: in spite of the changing face of criminality, with significant threats now stemming from new technologies, money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”

18.09.2018 / 17:25 35
Banks In India See More Uses Cases In Ripple (XRP) Than In Any Crypto Banks In India See More Uses Cases In
When Ripple (XRP) launched an office in Mumbai India, appointing Navin Gupta, who has over two decades of experience at HSBC and Citibank across the
BBVA to Migrate to Ethereum-Based Educational Platform Soon BBVA to Migrate to Ethereum-Based
The BBVA (Bilbao Vizcaya Argentaria Bank) announced yesterday the launch of its BBVA Campus Wallet platform, a token-based training system which will
BBVA Issues First Ever Corporate Loan on the Distributed Ledger BBVA Issues First Ever Corporate Loan
Spain’s Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), a multinational Spanish banking group, has officially become the first global bank to issue a
BBVA Registers $91 Million Loan on Public Ethereum Blockchain BBVA Registers $91 Million Loan on
Spanish banking giant BBVA is laying claim to be the first global bank to issue a loan using blockchain technology by completing a pilot of the
BBVA Issues $91 Million Loan Using Two Blockchains BBVA Issues $91 Million Loan Using Two
Spanish banking giant BBVA has completed a pilot that issued a ˆ75 million ($91 million) corporate loan using two different blockchain technologies.
Miners, Botnets, and Monero Create Perfect Storm for Cryptomining Miners, Botnets, and Monero Create
Several things have come together in a perfect storm to create the most recent crypto-crime trend: the ability to surreptitiously install illicit
Comments (0)
Add a comment
Comment on