The Chairman of the Spanish Central Bank is confident in the riskiness of the crypto-currency industry

Spanish Central Bank Views on Crypto and Blockchain

According to financial officials, tokens should be considered a typical deceitful innovation, attracting a lot of attention, but don`t provide any improvement of the situation.

But blockchain, on the contrary, is a technology that allows to reduce costs, although it still needs to grow to the desired level.

Digitalization Risks and Spanish Regulation

The banker considers digitization of the economy as an important part of the financial sector. He is confident that this will lead to the improvement of the quality of the respective services.

However, it is worth remembering the serious threats associated with the transfer of economic processes into digital format. First of all, we are talking about cyber threats, which means we need to take measures to protect all internal data. At least that's how Louis Maria Linde sees the situation.

Note that cryptocurrencies in Spain are still not legalized as means of payment. However, this week the National Commission on the Securities Market of Spain (CNMV-Comisión Nacional del Mercado de Valores) reported that regulated funds-cryptocurrency investors act legally, guided by the law 22/2014.

Previously, Spanish tax authorities demanded information about the amounts and participants of cryptocurrency transactions. Today, it was the most large-scale campaign of struggle by crypto-currencies, moving away from paying taxes and engaged in cheating operations with digital coins.