BBVA Economist: Legal Framework Needed For Blockchain Technology
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....
Related News
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....
Blockchain technology presents significant opportunities to record financial transactions, identities and various legal operations. However, the technology is new and it therefore must be subjected to various studies, especially in the banking sector, which is highly regulated. A recent report from BBVA Research by Javier Sebastian, the Banco Bilbao Vizcaya Argentaria, S.A. digital regulation manager, cites seven such regulatory challenges. The report is titled, “Blockchain in Financial Services: Regulatory Landscape and Future Challenges for its Commercial Application.” Seven Challenges....
BBVA, a multinational Spanish banking group has published another report on the block chain technology entitled “Blockchain Technology: The Ultimate Disruption in the Financial System,” to explicate the advantages and unique applications of the block chain technology. Specifically, BBVA highlighted the block chain’s capability of storing identities and unforgeable data and its ability to settle secure transactions instantly. “In the financial industry, institutions were slow to recognize the potential of blockchain technology; however, dozens of large banks have now invested significant....
CoinTelegraph spoke with Jose Rodriguez, the VP of payments at Bitso, a Mexican based Bitcoin exchange, payment processor and Ripple Gateway, on the country’s cryptocurrency prospects, and whether BBVA could be the most bitcoin-friendly bank. BBVA’s Innovation Center is not only one of the first to publish a cryptocurrency tutorial on YouTube, but was also part of the investors in the US$75m funding round for Coinbase in addition to hosting an Open Talent challenge where 10 of the 50 finalists are Bitcoin and Blockchain based startups, which included Bitso. Additionally, seven months ago....
Ripple, a blockchain-based digital payment company, has unveiled a new agreement with Spanish banking leader BBVA. The new partnership will give BBVA access to Ripple’s technology as the Spanish bank launches a service that allows retail clients to buy, hold, and store cryptocurrencies. At the same time, the move will strengthen Ripple’s foothold in Spain, […]