BBVA Report Cites 7 Regulatory Challenges Facing Blockchain Technology
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....
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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....
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....
Blockchain technology could be used to bypass today's centralised financial infrastructure entirely, according to a report by BBVA Research US. The report, titled Blockchain Technology: The Ultimate Disruption in the Financial System notes that the application of blockchain technology would first be useful in the payments space, where it would eradicate the need for any intermediaries and significantly reduce costs for banks. However, decentralised public ledgers could disrupt the financial system as a whole, adds the report. "Given that the majority of financial assets such as bonds,....
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, […]
Several Bitcoin and blockchain firms have excelled at the global fintech competition BBVA Open Talent 2015 organized by BBVA. Among the leading names are Bitnexo, Bitso, Volabit, Bitwage, Snapcard and Safello. Safello recently also entered into a Proof-of-Concept (PoC) agreement with Barclays to co-create a Bitcoin platform. Frank Schuil, CEO of Safello said, "We are delighted to see mainstream banks embrace Bitcoin and look forward to getting a chance to work with BBVA to explore how our platform can benefit them. Our selection for Open Talent 2015 shows that his innovative technology is....