Bank of Spain paper rejects bitcoin as alternative to large-scale payment system

bitcoin-1

Bitcoin has serious shortcomings if it is intended for use as a large-scale payment system, a working paper published by the Bank of Spain concludes.

“The absence of intermediaries and the consequent decentralisation of the system through a set of validators who do not trust one another, leads us to a resource-intensive validation process, which makes the system less efficient,” Carlos Conesa writes in his paper.

Conesa admits the emergence of bitcoin caused a “ripple” in the market, but the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: