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- The purpose of the research is to determine the effect of digitalization.
- Bank cryptocurrency projects must be outlined within the next three years.
It has been reported that the Banco de Espana plans to assess the effect of digitalization on financial services, according to sources at the central bank.
For years, the Bank of Spain has stayed deafeningly mute on the subject of digital currencies. This year, though, it is manifesting itself. For banks, a digital currency service provider registration, now all ready for set up.
According to the Spanish newspaper El Pais. The Banco de Espana is now collecting further information. From financial institutions that are involved in the use of digital money in their operations.
The purpose of the research is to determine the effect of digitalization on financial services. Rather than to restrict or encourage digital currencies in any way. Included in this category are ties with digital asset service providers as well as interests in and other exposure to cryptocurrencies. Bank cryptocurrency projects must be outlined within the next three years, according to the report.
More Open Towards Digital Currency
The new approach comes at a time when big Spanish banks are becoming more open to digital money. Banco Santander, the country’s largest bank, has revealed intentions to launch a cryptocurrency exchange-traded fund (ETF). Furthermore, BBVA and CaixaBank are two more financial institutions that are experimenting with digital assets.
Santander and four other big Spanish banks have developed a proof-of-concept for smart contract payment transfers, which they have shared with the public. The blockchain-based bond issued by Banco Santander was redeemed in 2019.