Digital currencies


The announcement of Libra may mark the arrival of digital money on a large scale, from Central Bank Digital Currencies (CDBC) or different backed digital currencies (stablecloins) joining digital currencies such as Bitcoin. In short, there is a panorama with various alternatives in an area of ​​extreme sensitivity.

The group's goal It is trying to generate a discussion with all present angles and points of view in order to compose a more precise idea of ​​Libra, its implications, alternatives and possible future scenarios.


Money is associated with the ability of countries to grow economically, to put a price on goods and services in society, to create incentives in companies and people to develop their goals. Money makes ecosystems and entire industries work, and society as we know it in general.

The announcement by Facebook of the intention to create the Libra digital currency may represent a before and after in the way money is conceived and its role in society and the structure that supports it. This is attested by the number of reactions at different levels that have occurred after its announcement.

Libra is proposed as a partially decentralized digital currency, backed by national currencies of key countries, governed by a non-profit association based in Switzerland that is made up of a heterogeneous group of companies belonging to different sectors such as means of payment, electronic commerce, mobility services, cryptocurrencies, investors, communication, entertainment, ... led by Facebook. Globally, this company has more than 2,3 billion monthly recurring users, 7 million advertisers and 90 million SMEs on its different platforms. Facebook raises its own Calibra digital wallet. The technological platform on which Libra runs will be open source, allowing developer access in the same way as platforms such as IOS or Android. Libra's plans are defined in a “White Paper” and it is announced that Libra intends to go live during 2020.


Conclusions of the Working Group on Digital Currencies

Under the joint direction of Enrique Titos, Independent Director. Advisory Counselor. Academic Council Member FIDE, and Miguel Ángel Cestero, former global director of market-making at Banco Santander: The Digital Currency WG published the following conclusions:


  • Introduction: Money and Value in the XNUMXst Century
  • The technology of digital money
  • Options and forms of digital money
  • Regulation, present and future and new forms of digital money
  • Impacts on the economic model and financial system
  • People and society in the face of new digital options
  • Conclusions

Have participated in this working group: 

1. Enrique Titos, Independent Director. Former Treasurer of Barclays Retail Europe.
Co-director of the GT
2. Miguel Angel Cestero, Managing Partner JB46 IP, former Deputy General Director of
Banco Santander Co-director of the GT
3. Julio Faura, Former Director of Innovation and Blockchain at Banco Santander. Leader of the
subgroup Money technology and the financial system
4. Miguel Solana, Partner of dCapital. Leader of the subgroup Digital currencies and the role of
public institutions
5. Idoya Arteagabeitia, Partner of Pinsent Masons. Regulatory subgroup leader
6. César Ullastres, Treasurer of the Spanish Association for the Advancement of Science
(AEAC). Leader of the subgroup Model of society, impacts on people, policies
public and geopolitical
7. Alejandro Neut, Economist, Global Modeling & Long Term Unit, BBVA. Leader of the
subgroup Mutations in the public and private economic structure
8. José María Anguiano, Partner at Garrigues
9. Juan Ramon Caridad, Managing Director of GAM
10. Marcelo Castro, Managing Partner JB46 IP, former BCRA director, former CEO Abbey
National Treasury Bank
11. José María Fuster van Bendegem, President of the Sicomoro Foundation and President of
Chamberi Ventures, SCR, SA
12. Cristina Jiménez Savurid, President of Fide
13. Vicente Moret, Of Counsel at Andersen Tax & Legal. Lawyer of the Cortes Generales
14. Lorena Mullor, Digital Banking Advisor of the Spanish Banking Association, AEB
15. Ricardo Palomo Zurdo, Professor of Financial Economics and Accounting, University
CEU San Pablo. Vice President of FIFED. Member of the Academic Council of Fide
16. Antonio Rodríguez de las Heras, Professor at the Carlos III University of Madrid. Founder
of the Institute of Culture and Technology
17. María Rotondo Urcola, Independent Director. Former Global Head of TMT in
Santander Investment Banking


All the people who have participated in this working group of Fide, have done so in a personal capacity and not on behalf of the entities, offices, Universities or companies, where they carry out their professional work, so these conclusions do not reflect and do not include institutional positions but rather particular ones of each one of the members of the group.

See Presentation of conclusions GT Digital Currencies


Libra by Facebook A paradigm shift in the financial field?

Digital Currencies and CBDC; Evolution, Challenges and Opportunities

Regulation and Current Context of Digital Money and Cryptocurrencies

Group Directors

Miguel Angel Cestero

Former global director of market-making of Banco Santander

Henry Titos

Independent Director. Member of the Academic Council of FIDE
Academic coordination: White Bethlehem


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