BBVA recently launched a crypto trading platform for Swiss clients. So, BBVA is diving deeper into crypto!
And now, a BBVA executive made a statement that attracted many people’s attention. Pablo Urbiola is a part of BBVA’s digital regulation team. The BBVA executive raised concerns about a digital euro. Urbiola mentioned that it is not clear which customer demand a digital euro should meet.
The BBVA excutive stated:
“Considering all the innovation that is taking place in the payments market, it is not clear which customer demands a digital euro could fulfill that may not be fulfilled by other initiatives. It is essential that the general framework designed by the ECB is flexible enough, and that allows private players to develop business models in a competitive space.”Pablo Urbiola, BBVA executive
What does the BBVA executive’s statement mean?
It clearly shows that even the people at BBVA realized how much the money market is about to change.
Today, there are a few currencies that dominate the money market.
And now BBVA is thinking about private players taking over this market.
So, will new currencies take away a huge market share from Central Banks?
Time will tell! Still, the ECB is developing a CBDC (Central Bank Digital Currency) at an insane speed right now.