Advantages of cyber money

But why have these countries embraced cyber money so hard and so fast? “Because it only has advantages,” says Carmen Alonso, general manager of Visa Europe in Spain. “Digital money generates a beneficial cycle for the economy and society by boosting consumption”. The former Danish government justified its proposal to eliminate paper money on the grounds that it is more expensive (producing, exchanging or keeping it), less secure and dirtier than electronic.

In addition, electronic money allows to eradicate the fraud of the economy, since all the operations are controlled from beginning to the end and the fingerprints are easy to follow.This is called traceability.

Advantages of cyber moneyAdvantages of cyber money

“I cannot understand why digital money has not been imposed yet,” says the IEB professor, even more so in a country like Spain, with the highest penetration of smartphones in Europe [81% of the population has a smartphone, according to Fundación Telefónica]. Perhaps because banks have behind the cash a business model that would not be profitable for small digital transactions or because this type of operations involving several companies all have to earn commissions ?, he asks. “With technology there is no point in carrying money in your pockets,” he says. “It is an anachronism that you can not make micropayments online or that takes days to carry out financial operations that could be instantaneous,” supports Manuel Polo.

“A great cultural change is still necessary for cyber money to become the currency of exchange” according to Carlos Rosillo.

It is an exploratory technology that can allow us in five to ten years to provide faster and safer services, ” Mario Pardo add , responsible for digital strategy at BBVA, organism that is working this technology  from different flanks.

Although before this happens, the blockchain has several challenges to overcome. The technology has to be standardized, a legal and regulatory framework must be created for it and must be user confidence, according to Álvaro Martín, head of digital regulation at BBVA

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