Banking will allow the purchase and sale of cryptodivisas, but without advising
Spanish banking, and even the European, is in a dilemma.He does not know how to react to the avalanche of customer requests that claim in the offices or on the platforms of these entities to be able to carry out the sale of cryptocurrencies.
Everyone hopes that the regulation about these virtual currencies end to adopt their particular strategies.Despite this, most of the banks consulted by this newspaper recognize the risk of these assets and their high volatility, "but the interest aroused by the crypto and the consultations received that we will do, although we do not know very well what", the president of an outstanding bank recognized on Tuesday.And he added: "Most likely, let's let the customer buy and sell bitcóins, such as buying or selling variable income, for example, but we will not advise on them, it is very risky".
This opinion coincides with the vast majority of those responsible for the sector consulted, which, for the moment, ensure that their entities will limit themselves to being “facilitators” for those who wish to guard and invest in cryptocurrencies.
Only Santander Banco, among the traditional bank, has advanced that the entity is finalizing the details of its ETF (quoted funds) of Bitcóin.And, although the Spaniards are one of the first investors to buy and sell cryptocurrencies, Spanish banking is still reluctant to launching investment products in these assets.
Supervisors also share doubts about these online coins.The European Central Bank, in fact, described yesterday in its financial stability report to the "exotic" cryptocurrency segment.
The CEO of Singular Bank, Javier Marín, declared in an interview with Cincoodias: “We are not going to offer advice, nor will we enter the investments in cryptocurrencies.I don't understand the intrinsic value of crypto or I don't think anyone understands them.Another thing is the blockchain.But, come on, if a client wants to invest in cryptodivisas and asks us, we will facilitate his investment, but I feel unable to advise on these coins.They are very volatile ".
The CEO of Bankinter, María Dolores Dancausa, declared that when talking about cryptocurrencies “we are not talking about a currency to pay, but of a clearly speculative asset, to earn money.As it is so speculative and, on the other hand, it is not regulated, we are not recommending it to customers although we are following it very closely, as it cannot be otherwise, because it is a small revolution, and if in anymoment we decided to do something would be through Evo, which is our digital bank.But for now the recommendation to customers does not go through the topic of cryptocurrencies ”.
BBVA was in June the first euro bank to offer Bitcóins sale.This service has been launched through its Swiss subsidiary and after two years in test, although any client in other countries can use the platform, having opened the rest.The bank estimates that 20% of customers are interested in investing in cryptocurrencies.
In Estudiacabank, it does not offer any service related to cryptocurrency, although it acknowledges that it is a field that is studying and for this it is pending the advances of both technology and regulation."It is a matter that we follow closely".Sabadell Bank coincides with CaixaBank.
The head of Private Banking of Credit Suisse in Spain, Íñigo Martos, said in an interview that, as a bank, “we do not actively participate in the public sphere of cryptodivises, we continue to monitor the events in the market and try to help customersUnderstand these events from an intellectual leadership perspective ”.
Cecabank, the largest Spanish custody bank, also plans to enter the cryptocurrency business.Its general director, José María Méndez, said in some conferences that the provision of services related to cryptoactives is a way to explore by specialized entities (such as Cecabank), probably having much more route, at least in the short and medium term,that direct investment in said assets.
In this sense, the role of Cecabank will be that of the custody of these digital assets, and that will complement the offer of the firm owned by the old savings boxes to reinforce their position as an independent entity in the field of Securities Services.
At the moment, banking expects European regulation.The ECB said yesterday that the European Commission's proposal for the regulation of cryptoactive markets is "a significant step forward".And highlights the strong increase in the popularity of stable cryptocurrencies, which try to maintain a price without great volatility, anchoring their value to other currencies or assets, including cryptoactive ones, or with the use of algorithms.
