Published on July 31st, 2018 | by bitcoin0
BBVA can not hold Cryptocurrency – it’s a problem
Instead, the bank anchored the loans to an ethereum testnet, a blockchain which simulates the live version, but that doesn’t move real value.
No big deal, you might think, but this uncertainty is hindering the hard-won innovation work.
Alicia Pertusa, managing director of corporate and investment banking at BBVA, said that according to the EBA recommendations of 2014, European banks are discouraged from owning, buying or selling cryptocurrencies.
Still, the compliance department of a given bank would have to judge whether this particular use of cryptocurrencies is advisable.
“For example, they pay Kaleido in fiat for this optional feature and Kaleido handles all of the technical details including ether/gas.”