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,....
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....
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....