Bank of Spain requests to report a 3-year digital currency plan

According to sources from the Bank of Spain, the Bank of Spain must now report on its digital currency plan, and the bank claims that the central bank wants to examine the impact of digitization on financial services.

For many years, the Bank of Spain has remained silent on the issue of digital currencies. However, this year, it is stepping up and defending itself. After establishing the registration of a digital currency service provider, it is turning to banks.

According to a report El País from Spain, Banco de Espana is now looking for more information from financial organizations that deal with digital currencies.

The purpose of the research is to examine the impact of digitization on financial services, not to prohibit or promote digital currencies. The central bank calls on commercial banks to disclose their relationship with digital asset service providers, their shares, and any other risk exposures they may have in cryptocurrencies.

Banks wishing to launch or provide existing cryptocurrency custody within the next three years must also elaborate on such projects.

As Spain’s leading banks begin to accept digital currencies, the latest development has arrived. Banco Santander, the largest bank in the country, said it is working to establish a cryptocurrency exchange-traded fund.Other financial institutions are also at different stages of digital asset planning, such as Spanish Foreign Bank with Savings bank.

As Report, Banco Santander and four top Spanish banks have completed a proof of concept of using smart contracts for payment transfers.According to reports, Santander Bank also Redeem its blockchain-based bonds In 2019.