Bank of Spain paper rejects bitcoin as alternative to large-scale payment system
Objectives of crypto asset make it unsatisfactory as a payment network – research
Bitcoin has serious shortcomings if it is intended for use as a large-scale payment system, a working paper published by the Bank of Spain concludes.
“The absence of intermediaries and the consequent decentralisation of the system through a set of validators who do not trust one another, leads us to a resource-intensive validation process, which makes the system less efficient,” Carlos Conesa writes in his paper.
Conesa admits the emergence of bitcoin caused a “ripple” in the market, but the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Crypto Assets
BCRA show sounds death knell for notes, hails birth of crypto
Governor opens show on AI and decentralised monetary and financial systems
Stablecoins are not ‘crypto safe haven’ – ECB paper
Shocks in crypto markets significantly reduce stablecoin market capitalisation, researchers find
EBA study calls for stablecoin reserves transparency
Authors say suspensions of withdrawals can prevent bankruptcy
Book notes: Easy money, cryptocurrency, casino capitalism, and the golden age of fraud, Ben McKenzie with Jacob Silverman
Casts light on how shady crypto characters defraud consumers but offers little on how to control them
Bank of Italy makes its new DLT protocol open source
Research says novel cryptographic signature could validate payments and digital asset transfers
Automated market-makers create market integrity and stability risks – research
Canadian research warns of real economy impact, depending on level of interconnection
MAS expands asset tokenisation initiatives
Central bank publishes white paper on shared ledger system, and expands ‘Project Guardian’
Crypto rule change will slash Brazil’s current account deficit
Crypto purchases will no longer be treated as import goods, central banks says