According to an executive at CaixaBank, you can think of Bitcoin for investments, but not for payments

On the second day of the Seville Virtual Summit for Digital Coins and the European Financial System, a thematic block was developed with the interventions of Mariona Vicens, Director for Innovation and Digital Transformation at CaixaBank, and Angel Luis Quesada, CEO of the Onyze company. This was reported to Cointelegraph in Spanish from a statement made in Spain.

During your participation, Mariona Vicens spoke about cryptocurrencies and viewed the current model as “unsustainable for its massive use as a means of payment”. With that in mind, he said, “It can only be included in investment products because of issues such as high energy consumption.” Only centralized cryptocurrency developments, as already promoted by the Chinese central bank, would be more acceptable.

On the other hand, he also spoke about the work of CaixaBank: “We are preparing and developing internal, technological and legal capacities in order to be able to offer these services, and we are also waiting for the proposals of the ECB and how is the role of financial institutions defined in this regard ?

According to an executive at CaixaBank, you can think of Bitcoin for investments, but not for payments
According to an executive at CaixaBank, you can think of Bitcoin for investments, but not for payments

Engel Luis Quesada, CEO of custodian company Onyze, sized the sector in numbers: “In 2020 there was a 538% growth in“ crypto assets under management ”. By institutional investors

Then he noticed: “Projects around the world underestimate security in environments with digital assets”.

In this sense, has diagnosed the development of the following challenges: “Professional custody solutions as well as agile, flexible and scalable services that offer complete official coverage and can be fully integrated into the crypto world”.

Round table with security experts

This was followed by a round table moderated by Marceliano Gutiérez, honorary chief commissioner of the National Police, attended by Antonio Piña, President of the Provincial Court of Ourense, Juan Antonio Rodréguezévarez, Marlene ÂÂ lvarez, Head of the Telematics Crimes Department of the Central Unit Civil Guard, Group Leader of the National Police’s Central Computer Security Brigade, Fernando Fernández, Head of the Interpol Digital Forensic Laboratory and Santiago Tellado, Chief Inspector of the National Police and Europol Analyst.

The President of the Provincial Court of Ourense, Antonio Piña, rated it as “close”. current regulations on cryptocurrencies, also warns that there are very few judgments on this matter. In general, a large part of the rules that apply to physical money should be applied, and international unification of legislation must also be encouraged, since while it is possible to prosecute operations across countries, they are not always crimes can also be prosecuted

Security and International Organizations

The moderator of the table and honorary chief commissioner of the National Police, Marceliano Gutirérez, has praised what he thinks of the indispensable role of international police organizations in the face of serious security problems such as pyramid fraud and attacks on hackers and – perhaps most notably – money laundering? He also wanted to emphasize that “it would be desirable to allow more flexible deadlines and requirements than the usual ones for this type of investigation”.

“We are facing a model that was created for anonymity, and that is the big problem of being able to prosecute crimes, along with countries like Russia that are trying to create autonomous digital states in which our prosecution capacity ends” Juan Antonio Rodrézz, Who has also explained certain cases of extortion and money laundering in which payments with crypto assets were directly involved.

With this in mind, Marlene Élvarez warned against “investment fraud that has even occurred among university economists”. and “Paying for credentials and data stolen while teleworking, given the cybersecurity deficiencies of many companies.”

In order to improve the investigative capacity of the countries, Interpol has published various guides, which are intended, for example, for forensic analysis of suspects’ digital devices or for the identification of their recovery keys. In the case of seizure of cryptocurrencies, we also recommend preparing the wallets into which the interfered assets are to be transferred in order to prevent cybercriminals from getting them back. All of this knowledge and documentation is available on our private platform, where specialists can discuss and share their experiences, ”said Fernando Fernández.

On the other hand, because of his work at Europol, Santiago Tellado warned against platforms without intermediaries and other advanced platforms in the dark web, with a chatbot where you can make a virtual payment in cryptocurrencies. which they then cannot possibly track down for the police. “????.

Finally, he has also called for international standardization of legislation and stated that “the current regional differences at the regulatory level are used by criminals as weak points for their illegal purposes”.

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