BBVA Chairman: Cryptocurrencies are ‘perfect’ …
BBVA Chairman: Cryptocurrencies are ‘perfect’ but often used in illegal activities
Cryptocurrencies are “perfect” but often misused, according to Francisco Gonzalez Rodriguez, chairman and part-CEO of Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA), whose interview was posted on CNBC on September 14..
Gonzalez said the world is undergoing an “incredible digital revolution” that will ultimately lead to a new world order. However, he stressed that this revolution is causing “chain reactions”, which need to be properly understood.
In particular, Gonzalez spoke about the risks that the use of cryptocurrencies may entail: “Cryptocurrencies are ideal, but at the moment they are being used for bad purposes, so you need to be careful with them. Blockchain and distributed ledger technologies are also ideal, they are very powerful tools. But you need to understand cryptocurrencies, especially in those aspects of them where criminal activity is conducted “.
When asked about investments in fintech, Gonzalez said the BBVA is considering this option. “When we buy fintech companies, or 10% to 100% of their shares, we buy opportunities. These opportunities can bring billions or they can bring nothing at all, time will tell, ”he said..
In April, BBVA became the first bank in the world to issue a € 75 million (US $ 87 million) blockchain loan. BBVA CEO Carlos Torres said at the time that blockchain technology was “not yet mature” and added that it will face great challenges in the future..
In July, BBVA issued a new € 100m ($ 117m) blockchain loan to civil engineering firm ACS Group.
BBVA Bank was founded in the 19th century in the Spanish city of Bilbao. According to an article on the Economipedia website, in 2017 BBVA became the second largest bank in Spain in terms of assets and capitalization. In addition, BBVA owns BBVA Bancomer, the largest financial institution in Mexico. Francisco Gonzalez Rodriguez has served as executive chairman of the BBVA since 2001.
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