The Governor of the Bank of Spain, Pablo Hernández de Cos, has spoken on the risks that introducing cryptocurrencies into the traditional banking system might bring to these institutions.
risks related to introducing cryptocurrencies into the traditional banking system. De Cos made these statements during the inauguration of the II Finance Observatory, an event that focuses on analyzing the state of the finance and insurance sectors.An increase in the direct and indirect exposure of banks to the crypto-assets sector would increase both their equity and reputational risks.
According to the governor, however, these would be the first effects of cryptocurrency mass adoption on the economy. The following effects would be even worse. De Cos explains that in a volatility event, “a generalized panic could stress the money markets and, by extension, infect the entities that act as custodians of the hedge assets.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
KB Bank to launch South Korea’s first crypto investment fundSouth Korea’s largest bank, KB Bank, announced that it plans to launch several crypto investment funds as soon as possible. These will be the first such funds offered by a bank in the country.
Read more »
HSBC’s Profit Surges, but Bank Takes Hit From China PropertyHSBC reported its highest annual net profit since 2018 and said rising interest rates were likely to boost future returns, even as it took a charge against potential fallout from the stress in China’s property market.
Read more »
Euro and rouble to nosedive if a full-blown war breaks out – Danske BankMilitary escalation has started in Eastern Ukraine. Strategists at Danske Bank now see a diminishing probability for a peaceful solution and raise the
Read more »
Police: Men forced Seattle University student to transfer money to bank accountThe victim said he was standing outside his car on the Seattle University campus when two men confronted him and implied they had guns. One man put him in a headlock.
Read more »
‘Deep bullishness’ for crypto: Analyst comments on Deutsche Bank reportMarion Laboure, an analyst for Deutsche Bank, noted a “deep bullishness” that exists in the cryptocurrency space.
Read more »
‘Deep bullishness’ for crypto: Analyst comments on Deutsche Bank report⬆ +14 ‘Deep bullishness’ for crypto: Analyst comments on Deutsche Bank report $BTC bitcoin cryptocurrency XBT
Read more »