Cryptocurrencies are “Perfect” but Still a Threat for Illegal Activity Says BBVA Bank Chairman


Despite Being “Perfect,” BBVA Executive Chairman Still Sees Them as A Threat

In an interview with CNBC on September 14th, the executive chairman of Banco Bilbao Vizcaya Argentaria (BBVA), Francisco Gonzalez Rodriguez, called cryptocurrencies “perfect.” He even went as far as to call the current era “an incredible digital revolution.” However, his main concern is that these digital assets are frequently used for unhealthy and unsavory purposes.

The “revolution” that Gonzalez refers to is a segue to the new world order that he predicts. However, his worry is that there will be “ripple effects” that cryptocurrency could be responsible for urging along. While explaining how digital technology can be risky, he said,

“Cryptocurrencies are perfect, but are used for bad purposes today, so [one has to be] careful. Blockchain and distributed ledger technologies are also perfect, they are big, big tools. But the cryptocurrencies must be understood, [especially] the corner where the malpractices are going.”

These comments redirected the conversation to the BBVA fintech investments, Gonzalez revealed that his banking group is considering them. He said,

“When we buy fintechs, or [invest] a 10% or 100% stake, we are buying options. It can be billions, it can be nothing after all, we will see over time.”

BBVA made the decision to become the first global bank that used blockchain technology for loan issuance in April. The loan was €75 million, though the CEO Carlos Torres said at the time that blockchain technology lacked maturity and would be dealing with difficulties in the future. Still, they followed this loan with one worth €100 million in July for ACS Group, which is a firm for civil engineering.

BBVA has remained the second-largest bank in Spain for quite some time, based on their assets and capitalization at the end of last year.

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