RATE Group | Spain’s Central Bank: Cryptocurrency Could Improve Monetary Policy
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Spain’s Central Bank: Cryptocurrency Could Improve Monetary Policy

10 Aug Spain’s Central Bank: Cryptocurrency Could Improve Monetary Policy

Posted at 06:01h in Cryptocurrency News by

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Central banks around the world have had unfavorable views towards cryptocurrency bu the Spanish Central Bank, Banco de España (BDE), is a striking exception.

Banco de España (BDE) recently released a report in support of cryptocurrency and blockchain technology. The report explores the pros and cons of having a digital version of the state currency. It concludes that digital coins and blockchain technology could help the Spanish economy. In particular, it would benefit monetary policy and financial infrastructure.

A POSITIVE IMPACT ON THE SPANISH ECONOMY

Direct General for the Economy at BDE, Galo Nuño, spearheaded the report. In it, he argues that blockchain technology could help track the nation’s money supply. This is timely, given BDE cannot track all the currency notes and coins in circulation.

The report is narrow in its focus. It does not explore the broader impact of adopting virtual currency. It only touches on the subject, suggesting there are ‘potential…

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