Digital currency plans by Spanish banks must now be reported according to sources at the Banco de Espana, which stated that the central bank wants to examine the outcome digitalization is having on financial services.
The Bank of Spain has been silent on the subject of digital currencies. However it’s stepping up and taking a firm stance by establishing a digital currency service providers’ registry, and moving on to the banks.
According to a reports the Banco de Espana is now on the watch for additional information from financial organizations dealing with digital money.
The objective of the research is to examine the effect that digitalization is having on financial services and not to prohibit or advocate digital currencies. The central bank is calling on commercial banks to disclose their ties with digital asset service providers, stakes in them, and any other exposure they may have to cryptocurrencies.
Banks that want to launch or offer custody for existing cryptocurrencies in the next three years must also detail such projects as per reports.
