¡No pasarán Bitcoin! – Through the words of Governor of its Central Bank, Spain is sticking to its guns. After having put in place means of combating the wild mining of Bitcoin, it warns its traditional banks against exposure to cryptocurrencies. Direction Madrid to make a point.
Spain’s Central Bank Expresses ‘Real’ Concerns About Cryptos…
The Governor’s statements took place within the framework of the second Finance Observatory. This event is organized by the online media El Espanol and its economic and financial information subsidiary Invertia. It was held from February 21 to 23 at Camilo José Cela University in Madrid. It was during the inaugural speech that Pablo Hernandez de Cos warned banks against exposure to cryptocurrencies. He did so in his words:
” An increase in banks’ direct and indirect exposure to the crypto-asset sector would increase both their capital and reputational risks. »
To justify his remarks, he emphasizes two major risks : volatility and loss of control of institutions.
“In the event of volatility, widespread panic could stress money markets and, by extension, infect entities that act as custodians of hedging assets.”
“This type of process [démocratisation des cryptos] jeopardizes monetary autonomy [des pays] and erodes the ability to exercise effective control over international capital movements, among other aspects (…)”
But to these worries finally justifiedit will also add usual clichés on bitcoin and cryptos.
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…but also brings out some hackneyed Bitcoin clichés!
In front of an audience of finance specialists, policy makers and journalists, Pablo Hernández de Cos dared! He unfortunately dared to refill us banalities terribly mainstream about bitcoin and cryptos.
- Shot number 1 : Cryptos are used for money laundering and illicit activities. For this, he proposes a fight:
“coordinated both internationally and across sectors, given its global nature and the multiplicity of agents involved in these initiatives. »
- Shot number 2 : crypto mining consumes a lot of fossil energy:
“So about 80% of the capitalization volume of this market pollutes in some cases like 15.5 million gasoline vehicles in a year. »
Risk of panic on the stairs. Loss of control international financial institutions and States. Tools of organized crime international and energy mismanagement…Don’t throw away any more, Bitcoin is dressed for winter! Of course, others have criticized him before him, and some will continue to do so despite the new wind which is beginning to rise all over the world. “Men accept change only in necessity and they only see necessity in crisis”. Let’s hope that Jean Monnet is not right once again.
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