On February 23, the governor of Spain’s central bank, Pablo Hernández de Cos, called on the country’s government authorities to strengthen surveillance, regulation and oversight of the cryptocurrency market. Pablo Hernández de Cos said this action is crucial in order to manage the dangers posed by well-known cryptocurrencies such as BTC and ETH, stablecoins such as USDT, and other decentralized services such as DeFi.
In a speech delivered on February 21, Hernández de Cos urged more cooperation at the national and international levels and across institutions to ensure surveillance of the crypto industry and further develop regulatory measures.
He mentioned some of the advantages that cryptocurrencies offer the financial industry, such as their ability to enhance payment systems or act as catalysts for new features. However, he did highlight the dangers they pose to the financial system and to customers within the banking system.