Banks spent years criticizing cryptocurrencies. The BBVA will soon allow to operate with Bitcoin and ETH from its app

Almost exactly four years ago that the Bank of Spain (BDE) and the National Commission of Markets and Competition (CNMV) published a joint statement. In it They warned of the risk of investing in cryptocurrenciesespecially due to its “extreme volatility, complexity and lack of transparency.” Thus, they qualified them as a “high -risk commitment.” Four years later it seems that the opinion of these experts has changed. And a lot.

BBVA will allow Buy and Sell Bitcoin and Eth. As the entity indicatestoday the CNMV has approved the BBVA “to provide custody and execution services of cryptoactive sale orders in Spain.” This will initially make the bank offer the possibility of operating with Bitcoin and ETH (Ethereum).

The EU opens the door to the crypts in traditional banking. The notification of the CNMV is one of the procedures necessary by the regulation on cryptoactive markets (Mica for its acronym in English). This regulation was activated on December 30, and regulates this type of services in the European Union. This allows BBVA to offer those services, something that has already begun to do In 2021 in Switzerland and in 2023 in Türkiye.

All from the app. As they point out in BBVA, customers in Spain can operate directly from the app that they now use to see their accounts, their investments and its traditional bank operation. Thus, they will unify both conventional and those dedicated to cryptocurrencies in the same application that was used so far, and that will have an area dedicated to these efforts.

Key custody. The new service will feature an own cryptographic custody platform. In the BBVA they point out that this will allow to maintain control without depending on third parties, and thus be able to safeguard the cryptoactives of its customers.

But the responsibility is from the client. In the BBVA they clarify, of course, that the bank will not advise customers, but will focus on facilitating these operations. Thus, although they will offer the ability to buy cryptoactive, they will not make recommendations to customers, thus avoiding possible responsibilities to the well -known volatility of these cryptodivises. It remains to know if the BBVA will warn customers of possible risks in investments like these.

Caixabank and Bankinter do not trust. While BBVA takes that step, other entities prefer not to launch to this market. Gloria Ortiz, CEO of Bankinter, He declared recently that “it is impossible to advise anyone about something that has no value” referring to cryptocurrencies. While Gonzalo Cortázar, his Caixabank counterpart, indicated that “Bitcoin has a volatility that we all know and other cryptocurrencies, too. It is difficult to advise on the fundamentals of Bitcoin. I would not know how to do it and our teams, at this time, either.” Bankinter will not offer to operate with crypts to its customers. Caixabank yes, but not proactively.

To repudiate them to hug them. In recent years we have lived a 180º turn of the position of financial institutions on cryptodivises. Many continue to show their reservations, yes. The International Payment Bank (BIS) He described This market of a “self -referential” system and highlighted how “no real economic activity” does not finance. Even so, in the US, the approval of the cryptodivisas ETFs already laid the foundations for the general public to access these assets. He strategic cryptoring project Donald Trump makes clear the position of the US government, and more and more banks want to take advantage of this new institutional perception of cryptocurrencies.

Image | Bbva | André François McKenzie

In Xataka | A British did not let his album search with Bitcoins in the trash for years: now he considers buying the landfill