BBVA: Blockchain Regulation Needs to Move Beyond Bitcoin
Spanish banking group BBVA has released a new research note on the subject of bitcoin and blockchain regulation. Published on 2nd January, the note opines on the current state of regulation, arguing that rules for private blockchain use cases lag behind guidance for bitcoin – the digital currency it called the one blockchain application "in practical operation". The document's author, BBVA digital regulation manager Javier Sebastián, contends that regulation will be needed to oversee enterprise blockchain use cases. However, he acknowledged that the current "exploratory....
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Javier Sebastian, principal economist at Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), cited the need to create a legal framework defining the legal nature of blockchain technology in a recent research report. Sebastian, whose main functions are the identification and analysis of trends in the digital economy arena for BBVA, noted blockchain technology could be a powerful tool for improving banking efficiency. Its characteristics of inalterability, transparency and automation by means of smart contracts could establish the basis for entirely new digital businesses. BBVA has been among of....