Bank of Spain says bitcoin can improve the economy

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Bank of Spain says bitcoin can improve the economy

The Central Bank of Spain (BDE) has published a report detailing how cryptocurrency can improve the existing financial infrastructure and monetary policy.

The document says that the use of virtual currencies in Bank operations can have a positive impact on the national economy. However, it is clarified that the use of monetary policy can only bring coins issued by the Central Bank. Chief economist BDE Halo Nuno studied only the basic reasons, which lead other Central Banks to explore the prospects for implementation of cryptocurrencies, therefore, not considered the wider implications for the state economy.

The report author believes that the virtual currency will increase the efficiency of control over the movement of funds in the country, and the blockchain can be used to control interest rates without having to issue paper money. However, in conclusion, he noted that it is necessary to conduct more studies before implementing the system based on the blockchain.

Although banks are still wary of new technology, but the study by Juniper Research showed that the introduction of the blockchain will help them to save annually $27 billion.

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