Bankinter rules out offering investment in cryptocurrencies for being "assets to speculate"



The CEO of Bankinter, María Dolores Dancausa, has rejected this Thursday that the bank enters the business of buying and selling cryptocurrencies or offering it as an investment product to its clients. "They are assets to speculate on and we are not considering anything with them," the board of directors assured in the presentation of the entity's results for the 2021 financial year, in which it has earned 1,330 million euros, a historic result due to the impact of the exit to Exchange of its subsidiary Línea Directa.

Dancausa has assured that the debate between blockchain technology, which should be bet on, and assets such as cryptocurrencies, in which the bank does not want to be immersed, should be separated. "We follow it because of the growth it is having, but today it is not planning to offer anything," he assured, leaving the door open so that if there is a change in this sector in the future, the bank could rethink its position.

Dancausa's doubts, in addition to its speculative nature, lie in the possible impact to which the bank is exposed at the judicial level. The directive has recalled the avalanche of lawsuits that have had to face in the sector for issues such as floor clauses, multi-currency mortgages or mortgage costs. "If there is no legal certainty, who do you imagine that clients would end up denouncing and receive the support of the courts?", he has questioned. "You have to be very careful," he stressed during the press conference.

For the time being, the big banks have stayed out of this business in Spain, avoiding entering a business about which the lack of legal specification and high volatility raise doubts in the sector. However, there are entities such as BBVA that in its Swiss subsidiary have begun to offer this type of service, and some of the most relevant entities at an international level have begun to study this possibility, as they are assets with a value that, with great changes has grown in the last year.

It is an issue that has raised the concern of supervisors. Both the Bank of Spain and the CNMV have shown their outright rejection of these assets which, among other issues, are not backed by deposit and investment guarantee funds. Its growth has led the CNMV to publish a circular this week in which it imposes limitations on the advertisements of the platforms that trade cryptocurrencies, which will force them to inform in their advertisements that the characteristics of these products can cause everything to be lost. invested.

Dancausa has also addressed during the press conference an issue that has focused the news of the banking sector this week: the bad bank. On Tuesday, the Government approved the change in the rule that will allow it to gain a controlling position in Sareb in the coming days, assuming the majority of the capital. Bankinter is one of the private shareholders, having 1.7% of the shares. The CEO has pointed out that what happened with this company is "the chronicle of a story foretold", assuring that the bank already contemplated that this would be the end of this initiative created in 2012 by the PP Government and that it has ended up increasing the debt public at 35,000 million. Regarding what affects the Bankinter accounts, Dancausa has indicated that provision was already made and, therefore, the result will be neutral in its profit account.



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