Bank of Spain Warns About Risk of Extended Use of Unregulated Cryptocurrencie...
The deputy governor of the Bank of Spain, Margarita Delgado, gave her opinion about cryptocurrencies and how they are increasing the risks in today’s economy. At an event hosted by PWC called “A climate of change,” Delgado explained that the continued and extended use of cryptocurrencies might bring different kinds of risks to the 12% of the population currently holding crypto. Deputy Governor of Bank of Spain Examines Crypto Risks The deputy governor of the Bank of Spain, Margarita Delgado, has issued her opinion about the use of cryptocurrencies and how....
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The Bank of Spain has issued a new report that touches on the subject of the popularity of cryptocurrency usage and the possible effects it might have on the financial stability of the nation. In the document, the bank explains that these assets — which ostensibly don’t have any kind of support behind them — can introduce systemic risks via their adoption by traditional institutions and the lack of regulation over them.
Crypto Assets Could Cause Systemic Risks According to the Bank of Spain
The Bank of Spain has issued a new report where it warns about the....
The Governor of the Bank of Spain has alerted the public about the risks mixing traditional banks with crypto assets might bring to the economic system. Pablo Hernández de Cos stated that the direct or indirect exposure to these assets would increase the risks associated with the financial institutions. De Cos also stated that while this exposure is still low, it is constantly going up due to the integration of crypto services within these platforms.
Governor of Bank of Spain Notes Risks Associated With Banks Integrating Crypto Services
The Governor of the Bank of Spain,....
The Central Bank of Kenya has warned the public against Bitcoin and other virtual currencies, citing that it’s not legal tender and is unregulated. People should therefore desist from transacting in Bitcoin and similar products. There are not many countries left in the world with a buoyant Bitcoin market where the central bank hasn't issued a cautious statement on using cryptocurrency. Now Kenya joins the club of frightened central bankers. “Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no....
The central bank warned citizens and residents that they use cryptocurrencies at their own risk.
The Bank of Spain has already included 17 virtual asset service providers in its own registry, in which cryptocurrency exchanges and custody providers must be listed to operate, according to Spanish law. Three new companies were included last week, but big names in the crypto ecosystem are still not registered.
Bank of Spain Crypto Registry Reaches 17 Companies
The registry of virtual asset service providers (VASPs) of the Bank of Spain reached a number of 17 companies last week, with the inclusion of three more crypto businesses. The registry added several exchanges and custody....