Spanish minister supports warnings about cryptocurrency

Funds could flow from euro to bitcoin

Funds could flow from euro to bitcoin Credit: Pixabay

HOT on the heels of warnings against cryptocurrencies from the Bank of Spain and National Securities Market Commission (CNMV), Spanish Minister Ana de la Cueva joined in.

During the recent Online Fintech Summit 2021, the Secretary of State for the Economy and Business Support warned against currencies like Bitcoin saying they carry “a risk of default, given that the user does not have the protection offered by traditional payment systems against a default by the counterparty.”

As her statement continued, she made it clear that the Spanish Government didn’t just worry about the risk to investors but also disparaged the fact that such holdings can be neither supervised nor sanctioned.

Clearly worried that those with money to disguise could well invest it in cryptocurrencies, which have shown a significant growth in value over the past years, the Spanish Government has indicated that legislation will be introduced to require Spanish residents to declare their holdings and gains made.

This is bound to become an increasingly more vexing problem for the Government as it seems likely that Spanish commercial banks will in the not-too-distant future look to either introduce their own blockchain currency or try to partner with an existing producer.

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Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing, by calling +34 951 38 61 61 or by messaging our Facebook page