‘Cryptocurrencies are Perfect, But are Used for Bad Purposes’, BBVA Exec Says

3 min read

Banco Bilbao Vizcaya Argentaria (BBVA) shares a positive vision regarding the integration of blockchain technology.

Banco Bilbao Vizcaya Argentaria (BBVA)’s Executive Chairman Francisco Gonzalez Rodriguez recently told CNBC that cryptocurrencies are just perfect for the economic environment, but at the same time because of their features- these attract a high number of cybercriminals who manage to hide behind the decentralized system.

“Cryptocurrencies are perfect, but are used for bad purposes today, so [one has to be] careful. Blockchain and distributed ledger technologies are also perfect, they are big, big tools. But the cryptocurrencies must be understood, [especially] the corner where the malpractices are going.”

Banks think cryptos are too immature

In Gonzalez’s opinion, digital assets are the continuation of “incredible digital revolution” that modern communities are involved in. Even so, Mr. Gonzalez acknowledges that financial institutions, including BBVA, still think cryptos are immature.

Speaking for El Economista, BBVA CEO Carlos Torres shared that besides his enthusiasm on the blockchain sector, there is one important element that changes the entire vision- the advanced tech is “not mature and has significant challenges.

BBVA continues to look at cryptocurrencies as a solution to improve the economic system in spite of the growing number of hackers that may be a danger to the company

“Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process …
While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk: money laundering and cash have been the stock of criminals for decades. However, this is precisely what makes the findings of this report of interest: in spite of the changing face of criminality, with significant threats now stemming from new technologies, money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”

Author: Adriana Midrigan

 

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