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.”

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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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