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Spanish Central Bank Believes Crypto Risks Outweigh Benefits

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Luis María Linde, the President of the Spanish Central Bank, has said that he believes there are opportunities for blockchain in both public and private banks, but, as with much of the mainstream financial world, he is much more cautious about cryptocurrencies.

Interesting Possibilities

In a Europe Press Financial press release, Linde went on record to say that he felt that blockchain technology has “interesting possibilities”, albeit after more development work.

However, he had no such backing for crypto itself, saying:

They have low acceptance as a means of payment, suffer extreme volatility, present multiple operational vulnerabilities and in many cases, they have been related to fraudulent or illicit activities.

Currently, cryptocurrencies are not considered to be legal tender in Spain. And with comments such as these from senior financial figures, it is unlikely that this situation will be reversed any time soon.

However, Linde’s assertion that blockchain could reduce costs will draw more positive attention to the tech as it seeks to conquer the financial world and beyond.

Image Credit: Deposit Photos

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