According to reports, the second largest bank in Spain, BBVA, is preparing to enter the world of cryptocurrency trading and custody. The bank currently holds $840 billion in assets and has had some prior involvement with crypto. In July 2018, it was one of the first banks to combine public and private blockchains in a live transaction.
In 2018, BBVA executed a series of blockchain-based corporate loans that combined private Hyperledger technology, which was used in negotiating the loan, with Ethereum, a public blockchain, to identify and store each loan agreement in a way that enabled audit-compliance.
The market has evolved since 2018 and BBVA appears ready to grow as well. Two years ago, European banks were prohibited from holding ether, the native cryptocurrency of Ethereum (because regulators claimed they feared the high-risk nature of crypto). The bank had to use a testnet system which wasn’t live to remain compliant in its crypto work. Even now, the Spanish bank is launching its crypto offering from Switzerland where clear rules and guidance for digital assets make it less risky than operating in a murky regulatory environment.
It plans to offer its crypto services throughout Europe once it is launched, which will likely be in early 2021. It is believed that BBVA has integrated the identical digital custody strategy, called SILO, as the Russian-based Gazprombank – which has previously launched a crypto offering of its own via Switzerland as well. Cryptocurrency custody solutions are third parties that provide storage and security services for digital currencies.
BBVA started integrating the SILO digital custody solution roughly six months ago according to reports. The platform was originally built by banking software development firm Avaloq and Swiss-based crypto firm METACO (no relation to META 1 Coin Trust). METACO has also already started working on a broader digital custody solution for institutions with a London-based firm, Standard Chartered.
We applaud BBVA’s work in finding creative ways to rise above crypto regulators. The evolution of BBVA’s work shows how crypto regulations can only slow and not prevent the inevitable march forward of digital currency innovation. Behind all government agencies’ purported fears of “high-risk” digital currencies are even greater fears of its threat to their sovereign currency monopolies.
Central banks have held a grip on currency and its regulation for so long, that the idea of greater freedom, equity and abundance threatens their world order. It is high time to call a spade, a spade. Crypto regulations essentially serve one real purpose- to protect and preserve a corrupt system that perpetuates scarcity, depreciation-driven debt enslavement, and class conflicts. The claims of protecting the public from high risks are a façade for a reality that few are willing to admit, other than META 1 Coin Trust. We are exercising our right to free speech by calling out the historical injustice that has continued for far too long against Humanity.
Central banks’ currency control has given them absolute power over monetary supply, which has allowed them to increase supply as they wish, printing more money and cheapening its value, that drives inflation and makes everything more expensive in the long run. Traditional institutions have used their absolute discretion (aka power) to decide who may gain access to financial products using arbitrary decisions (aka a credit score, controlled by banks). Government agencies have used their absolute power to decide that newcomers to finance must jump through an increasingly impossible number of hoops to remain “compliant” (aka subservient) as a means of preserving a decaying system.
Absolute power corrupts absolutely, and the public is taking notice. It is no coincidence that the first cryptocurrency, Bitcoin, was launched after the global financial collapse of 2008. The fixed number of crypto coins issued makes inflation obsolete, as there is no way to increase supply and cheapen the digital currency of Bitcoin, META 1 Coin or any crypto coin. The advances of blockchain technology have now made it possible for literally anyone to borrow money, with collateral, and will soon make traditional lenders obsolete. As crypto advances further, traditional banks themselves will largely become irrelevant, as each individual will be empowered to use crypto, wallets and exchanges to run their own financial lives.
If you think this entire system will sit idly by and watch their absolute power and control disappear into ether (literally and figuratively), then you must also think that widespread, mass mail-in voting is inherently free of corruption as well. What people and groups will do to hold onto power is far beyond the reaches of the average person’s imagination. The level of coordination, money, and influence they will exert to conquer any potential adversaries is virtually unlimited.
Use of the legal system, mainstream media, and more are all part of the tools in their efforts at making it increasingly difficult for crypto projects to flourish. Keep this in mind the next you read an SEC press release, or one of the state-sponsored websites that publish them.