Coindesk Logo

BBVA: Blockchain Regulation Needs to Move Beyond Bitcoin

BBVA: Blockchain Regulation Needs to Move Beyond Bitcoin

BBVA: Blockchain Regulation Needs to Move Beyond Bitcoin

Spanish banking group BBVA has released a new research note that argues for more immediate blockchain regulation.

Spanish banking group BBVA has released a new research note that argues for more immediate blockchain regulation.

Spanish banking group BBVA has released a new research note that argues for more immediate blockchain regulation.

AccessTimeIconJan 3, 2017, 2:06 PM
Updated Aug 18, 2021, 5:31 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Spanish banking group BBVA has released a new research note on the subject of bitcoin and blockchain regulation.

Published on 2nd January, the note opines on the current state of regulation, arguing that rules for private blockchain use cases lag behind guidance for bitcoin – the digital currency it called the one blockchain application "in practical operation".

The document's author, BBVA digital regulation manager Javier Sebastián, contends that regulation will be needed to oversee enterprise blockchain use cases. However, he acknowledged that the current "exploratory phase" the technology is in makes this difficult to address.

Overall, the note argues for more immediate action to clarify issues that could hold back the launch of blockchain projects, calling for "a legal framework in which its legal nature is defined, including the applicable jurisdictions and laws, as well as where responsibility lies in the event of error or malfunction".

Sebastián writes:

"There are some questions that are common to all cases, deriving from the unique characteristics of blockchain, which should be addressed as soon as possible."

Elsewhere, the author contends that clarity is needed in regards to the legal validity of records stored via a blockchain and whether smart contracts are legally enforceable.

The research is the latest from the blockchain bank that emerged as one of the earliest institutional movers on the technology, investing in Coinbase and serving as a founding member of blockchain consortium R3CEV.

Man with pen image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.