The Central Bank of Spain (BDE) published a report detailing how cryptocurrencies can improve the existing financial infrastructure and monetary policy.
The document says that the use of virtual currencies in banking operations can have a positive impact on the national economy. However, it is specified that only monetary coins issued by the Central Bank can benefit monetary policy. The chief economist of the BDE Galo Nuño studied only the main reasons that encourage other central banks to explore the prospects for the introduction of cryptocurrency, therefore, wider implications for the country economy are not considered.
The author of the report believes that the virtual currency will increase the control effectiveness over the movement of funds in the country, and the blockchain can be used to manage interest rates without the need to issue paper money. However, in conclusion, he notes that more research is needed before implementing the system based on the blockchain.