What will be the criptomonedas the guilty of a new financial crisis?

Brussels says that it is "very soon" to have an analysis on the criptomoneda of FacebookLa European Commission increases the pressure on the digital currencie

What will be the criptomonedas the guilty of a new financial crisis?
Brussels says that it is "very soon" to have an analysis on the criptomoneda of FacebookLa European Commission increases the pressure on the digital currencies such as Facebook LibraBruselas close to a Pound, the criptomoneda of Facebook, for anti-competitive practices

The astrology says that those with Libra as zodiac sign are kind, balanced, peaceful. Civilized people, just, without wanting to put together hassle. The opposite of the label that has hung on the other Pound , the criptomoneda result -among others - by Facebook. Since its announcement has provoked reactions in the European Central Bank (ECB), the Federal Reserve (Fed), the Bank for International settlements (BIS, for its acronym in English), the International Monetary Fund... it Has all the regulators and international institutions alert for the threat it poses to the financial system. And in case outside little, makes few days it was Apple who was recognized to be interested in this type of currency, in addition to that China announced near to launch also your own. A cocktail that puts the criptomonedas with the poster of "molotov" to do a jump through the air the overall stability .

Oriol Carreras, economist Caixabank Research, poses a hypothetical situation and its consequence: "Imagine a great criptomoneda backed by bank deposits or government bonds. If there is a problem with the issuing company or the own currency, the company would have to withdraw all of those funds and could create a lot of pressure. Would a systemic risk to the global level". This is one of the main fears of the central banks to the technology multinationals to develop criptodivisas with as much scalability and arise many doubts. "Too big to fail", which is said when a giant bank is in trouble. These doubts, according to Careers, are in the protection of consumer data, how to control money laundering or if they would commit abuse of a dominant position. For example, this is something that Facebook has not yet responded... and by the pressure of the regulators has confirmed that could delay or cancel the launch of a Pound.

Each broadcast is a world. There are already more than 2,600 criptomonedas all over the globe, all of them with the decentralization and anonymity -or semianonimato - among its advantages. But these are not their only virtues. "Use a technology that reduces costs in the payments system, the costs of intermediation", says Alejandro neut mice, economist, leader of the Unit of the Digital Economy, BBVA Research. Same posture maintained Garrick Hileman, a researcher at the London School of Economics and head of research of Blockchain.com, who adds that "they also offer more financial options, which is beneficial for people in many developing economies lack financial infrastructure modern and stable currencies".


having Seen the pros, it is impossible to find someone who does not see cons. Not only in Libra, but in the creation of criptodivisas for thousands of millions of people. Now the Bitcoin, with a few us $ 180,000 million of market value , is the nearest thing to generate a problem, although Hileman recognizes that "it is still too small to pose a risk of instability and systemic". The dilemma is if Facebook, Google, Amazon, Apple... give the definitive step; a dilemma for whether or not to allow the launch. "A criptomoneda issued by one of the big digital platforms have a potential of penetration in the population and scalability in a short space of time to justify the great concern of all authorities", say from the Spanish Banking Association (AEB). Doubt is the word most often repeated.

"The central banks are fearful of losing the role on the control of the currency. It may be that tomorrow the investors choose to buy and manage public and private debt in Pounds rather than in euros or dollars. They would lose control of monetary policy", argues Hervé Falciani, leaker of secret banking and a driving force of the criptomoneda Taboow. For the exinformático of the HSBC bank to the intent of the technology is clear: to be seen as a real alternative to the financial entities, that users forget that they are dealing with euros or dollars.

The BIS is one of the institutions that has most worked on analyzing the possibilities of the criptomonedas. And his conclusion, in the words of Raphael Auer, chief economist of the Unit of Innovation and the Digital Economy, to ABC is that "history shows that it is better to leave the money in the hands of an institution that is accountable to the public." That is to say, the central banks, as at present.

neut mice, BBVA Research, review these proposals on a global scale have an original sin: the threat of financial instability. Although some are called "stablecoins" (stable currencies) for allegedly being backed by other assets, the expert argues that in reality such security is not so great. is "to the extent that there is no institutional support loud and clear from the central banks, there will always be the risk of a "default"" , " he says. A default, that the money physical to disappear, to peter out, that no one can recover it. In normal conditions would come into play safety mechanisms such as the Guarantee Fund of Deposits, but the Bank of Spain insists that the criptomonedas, not being subject to anyone or anything, have no legal backing. In this situation, financial sources confirm to ABC that the central banks of each country of the EU and the ECB are analysing all the potential impacts of that Pound comes on the market. In addition, they drop the possibility of the existing theoretical works for Europe to start your own criptodivisa. In this scenario, Nuet is emphatic: the vulnerabilities would continue to exist for financial stability even if it is a regulated institution that brings forward the criptomoneda, as in the case of China.

Speed in payments

What, in part, is pushing the development of these assets, it is the progress of mankind. Customers increasingly demand faster processes; simply, able to instantly send money from Spain to Australia, without having to go through the tragus of waiting several days. That the criptomonedas puts solution. "Today, if you want to send money overseas, it may be faster to hop on a plane from London to Beijing transfer funds electronically between these two cities. (...). Such anachronisms in the age of instant messages and free have called the attention of technology companies, as well as of the operators, traditional financial, such as banks, understand that if you don't offer soon financial services faster, cheaper and better follow the way of the dinosaurs," argues Hileman, from the London School of Economics.

The announcement of the Libra gave the starting signal for this that can be the new age of money. Is more, New Zealand already allows you to pay salaries in Bitcoins. A sample of that little bit at the criptomonedas are taking relevance, despite the fact that the experts still believe that we are in an early phase of the whole process.

Francisco Sierra, head of european markets N26, comments that "the concept of criptomoneda is still in a phase very early in the consumer end. is Less than 1% would begin not only to buy but to transact with them . We are still quite far from using them as a method of payment". Says a manager of a bank is totally digital, with no physical offices, but is aware that there is still a long way to go.

From Bankia point out that the technology "blockchain", which is used by the criptomonedas, still has room for improvement; in your case, remain attentive to the developments and, like the rest of financial entities, are fully open to innovation... but not at any price. is Rules, rules, rules . "The entry of new competitors is a good news for all. Now, it is very important that competition have common rules, so that no player is worse or better conditions than the rest. And this is especially important in regulated markets, such as ours. To do this we must require that, before a given activity, the regulation is the same for all the competitors", say sources of the bank.

G7 and the G20 have already addressed certain issues that may arise with the criptomonedas. Its regulation, as demanded by the IMF, should be addressed in unison. And, in Spain, this calls for the AEB: "Given that the criptoactivos are born in the digital world, in which national boundaries no longer exist, the regulatory response has necessarily to be coordinated internationally, to avoid potential arbitrations regulatory between jurisdictions or, what is the same, havens criptos". Employer bank of our country's claim, loud and clear, common standards. With a few tax havens, the use there is enough in the world.

all in all, Falciani believes that Bitcoin, Ethereum, Litecoin, Monero and almost all of criptodivisas will end up disappearing; only to survive will be lit in the heat of the multinational companies, such as Pound. Here we should remember the words of Margarita Delgado, subgobernadora of the Bank of Spain, on the project Facebook: "Implications of potentially systemic". And Yves Mersch, member of the Executive board of the ECB: "Promises, seductive but treacherous" . To face uncovered.

Date Of Update: 17 September 2019, 09:00

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