Spain plans to appoint a cryptocurrency ombudsman

WITH the Bank of Spain and the Government warning about the possible risks of cryptocurrency, Minister of the Economy Nadia Calviño plans to appoint an ombudsman.

The intention is to ensure that Spanish consumers have an option to obtain protection from those supplying cryptocurrency services should something go amiss and also to ensure that all conflicts with banks and the fintech sector are reviewed transparently.

She may however await the publication of European Union regulations on cryptocurrency which are being considered and drawn up at the moment.

Many Spanish investors have seen the financial advantage in taking a risk on the future value of Bitcoins which as the currency rises sees significant profits but even though it has proven to be a very strong pseudo currency, there is always the fear that the bubble could burst at some time in the future.

This is the reason for considering appointing an overseer now rather than try to cope with the after effects should there be a problem.

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