Is the world’s most popular digital wallet not so good yet?

Is the world’s most popular digital wallet not so good yet?

Despite some issues blockchain technology has a lot of advantages.

CEO of BBVA Carlos Torres expressed his worries about Blockchain during the event organized by the Spanish Association for Economic journalism. He talked about such problems like ’’volatility’’ of underlying currencies’’ and possible compatibility arguments with tax authorities and financial regulators.

In spite of its contemporary issues, Torres believes that the benefits of blockchain technology are very valuable to their business and when it will be mature and regulators will be ready BBVA will have a need in tools to apply blockchain to relevant use cases. In addition, Torres said that considering blockchain's potential there should be spaces for improving the technology.

Banco Bilbao Vizcaya Argentaria (BBVA) is a northern Spanish bank founded in Bilbao in the late 19th century. BBVA was Spain's second-largest bank by assets and capitalization in 2017, writes Econompedia. In April, BBVA developed into a worldwide bank to work with blockchain technology. BBVA administered the entire process of a €75 million loan, from the negotiation of terms to signing, on a distributed ledger.

At the time, Torres said that the bank had “several more transactions in the immediate pipeline,” and that BBVA would be partners with Spanish telecoms firm Indra launching a pilot program. Indra has represented itself as “at the vanguard” of blockchain applications.

Source:

https://cointelegraph.com/news/ceo-of-bbva-bank-blockchain-is-immature-and-has-major-challenges

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