With such high volatility in value and opaqueness, it poses great risks to the parties in accepting cryptocurrencies as a store of value or means of exchange for goods and services. (c) Unit of account: With very high volatility and limited use as a means of payment, it is hard to envisage how any society could adopt crypto-currencies as a unit of account. 5. As far as I can see, crypto-currencies are not qualified to become money based on the analysis mentioned above. It is not a question of time that they can become more widely accepted as money. Quite the contrary, the design of these crypto-currencies, such as Bitcoin, is such that the transaction time and costs would go up if more people use or transfer them. Unlike other forms of electronic money using central bank or commercial bank balances, crypto-currencies are not scalable, which undermines its prospect of gaining “moneyness” over time. For this reason, I would like to call these “crypto-currencies” as crypto-assets for the rest of our discussion as they do not qualify to be called “currencies”. 6. Having concluded that crypto-assets do not qualify as money or currencies, let me highlight a couple of challenges that they present to supervisors and policy makers around the world: 2/4  BIS central bankers' speeches  Financial stability risk: The Financial Stability Board (FSB), of which I am a member, has recently presented its assessment to the G20 Leaders.
This information is necessary for making a proper assessment of the budget projection in Spain, given the high degree of decentralisation of our public sector: in 2012, central government was responsible for 27% of total consolidated public spending; the social security system for 32%; the regional governments for 30%; and local government for 11%. As I indicated here a year ago, this Budget Plan marks an important step forward: over time, this document is destined to play a key role in the overall programming of total public spending, with the dual aim of making the budgets of the different tiers of government consistent and offering this information in an accessible and transparent fashion to the public at large, analysts and institutions. The macroeconomic figures accompanying the 2014 Budget project real GDP growth of 0.7%, as a result of the positive 1.2 pp contribution of the external sector, offset in part by the negative contribution of national demand. These forecasts are prudent and in line with the above-mentioned central growth scenario and, broadly, with what may be inferred from the consensus reached by analysts. The deficit targets for 2014 are well-known and match those approved by the European Council last July. The overall general government deficit should stand at 5.8% of GDP, 0.7 pp down on the forecast for 2013.