Spain plans to appoint a cryptocurrency ombudsman

Economy set to return to pre-pandemic levels before the end of the year

Minister Nadia Calvino Image: La Moncloa

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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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