According to sources at Banco de Espana, digital currency plans of Spanish banks must be reported now. The central bank stated that it wants to study the impact of digitalization on financial services.
For years, the Bank of Spain has been silent on the topic of digital currencies. It is now asserting its authority and stepping up this year. It has established a registry of digital currency service providers and is now moving to the banks.
According to El Pais in Spain, the Banco de Espana seeks additional information from digital money-related financial institutions.
This research will examine the impact of digitalization on financial services. It is not intended to ban or promote digital currencies. The central bank has asked commercial banks to reveal their relationships with digital asset service providers and stakes in them.
Banks that plan to offer custody or launch cryptocurrencies within the next three year must also outline such projects.
Leading banks in Spain are now accepting digital currencies as a new development. Banco Santander, the country’s biggest bank, has announced that it is moving towards a cryptocurrency-exchange-traded fund. Other financial institutions, like BBVA or CaixaBank, are also in various stages of their digital asset initiatives.
According to reports, Banco Santander completed a proof of concept for smart contract payment transfers. Banco Santander reportedly also redeemed its blockchain-based bonds in 2019.
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