Central Bank of Spain: cryptocurrency can improve monetary policy

The Central Bank of Spain (BDE) published a report in which it is described in detail how cryptocurrency can improve the existing financial infrastructure and monetary policy.

The document says that the use of virtual currencies in banking operations may have a positive impact on the national economy. However, it is clarified that only coins issued by the Central Bank can bring the benefit of monetary policy. Chief Economist BDE Galo Nuno studied only the main reasons that encourage other central banks to explore the prospects for introducing cryptocurrency, therefore, broader consequences for state economy are not considered.

The author of the report believes that the virtual currency will increase the effectiveness of monitoring the displacement of funds in the country, and the blockchain can be used to manage interest rates, without the need for emissions of paper money. However, in conclusion, he notes that more studies need to be carried out before implementing the battery base system.

Although banks are still afraid of a new technology, but