The Bank of Spain warns on the criptomoneda of Facebook: Could destabilise the economy

The Bank of Spain gives more time to adapt to the new rules of payments electrónicosEsta is the autonomous community with the most towns without branches bancar

The Bank of Spain warns on the criptomoneda of Facebook: Could destabilise the economy
The Bank of Spain gives more time to adapt to the new rules of payments electrónicosEsta is the autonomous community with the most towns without branches bancariasLa digital revolution will reach to the Spanish families in 2019

The Bank of Spain alert: Pound, the criptomoneda driven by Facebook, "could become a destabilizing element of the economy." So what has manifested today subgobernadora of the banking supervisor national Margarita Delgado, who has said that "the challenge is of such magnitude that we cannot wait passively to determine its effects".

doubts have always accompanied the project of the company founded by Mark Zuckerberg, above all, by its potential international impact, and the privacy issues that may arise as a result of this currency is digital.

"As a global phenomenon that aims to be, Pound demand international action coordinated to be truly effective, consistent, and eliminate the chance of arbitration," said Delgado.

In this sense, he remembered that from the summit of the G-7 has put in place a working group that, in the fall, you will define a sheet of clear path. "Among its priorities as it targets the need of submit to a Pound to regulatory standards and oversight demanding ," he said at the time that it has highlighted that also seems to be "pressing" deploy mechanisms that ensure that the management of reserves is transparent and consistent with the nature of the obligations that they assume.

From the perspective of the customers, the subgobernadora of the Bank of Spain has warned that it is not clear that the contractual agreements that govern the operation of a Pound to be "sufficiently transparent as to allow its users a good understanding of the risks to which they are exposed ".

"on the other hand, we must not forget that the recent history of one of its promoters has not been characterized precisely by exploiting carefully the personal data ," he added during his speech in the "II Forum Banking challenges of the digitalization of banking," organized by The Economist.

Major technology

The challenges posed by new technologies has also been the object of analysis for the subgobernadora. In his opinion, one of the largest challenges of digitalization for the financial sector is the "greater competitive pressure and, in particular, the more transformative role that they could play in companies like Google or Amazon, that is to say, the so-called "bigtech"".

while Margarita Delgado has been recognized that the emergence of these large, technology is associated with an increased dynamism of the market, should not be olivadr that the strong economies of scale that characterize these ecosystems involve a future is "very uncertain" .

The number two of the agency has pointed out that, as a financial authority, the concern of the Bank of Spain should focus on the digital transformation that is occurring in the provision of financial services to "maintain the levels of security and protection of the clientele right."

Also, has stressed that without adequate supervision, "this type of models in which intermediaries do not assume any responsibility regarding the good order of the transactions can lead to systemic risk , as we had the misfortune of checking with the outbreak of the financial crisis."

"Without adequate supervision, the technology companies that operate in the financial sector can lead to systemic risks"

Slim has ensured that, although the authorities are aware of the benefits of the "bigtech" in terms of modernación, "there are concerns arising from the entry of these agents in the financial space that will "answer".

The subgobernadora has mentioned that the top ten technology companies have in their portfolios with over 50 classes of financial services, to which must be added a figure upward of partnerships and collaboration agreements with many entities throughout the world. The result: "It is making a ecosystem of interrelationships complex, and in many cases opaque for the authorities , whose potential implications on financial stability, competition or consumer protection seem to me profound."

Updated Date: 18 September 2019, 22:00

ABC ES

ABC ES

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