Spain Doesn't Want To Risk In Crypto Race

While most countries have struggled but determined their policy regarding cryptocurrency and blockchain technology, Spain, represented by the Governor of the Central Bank, declared its twofold relation to the situation:

"The transition to a more digital economy is accompanied by greater cyber threats and it is necessary to develop new measures to protect processes, assets and customer data."

This statement concerns the technology of the blockchain as a whole. The digital economy can and should develop, but it is necessary not only to encourage innovations, but also to take measures to prevent possible risks and threats, without going beyond the "reasonable" in the pursuit of innovation. But with respect to the crypto currency, it was mentioned that "they still carry more risk than good."

"They (cryptocurrencies) have a low level of recognition as a means of payment, suffer from extreme instability, have many vulnerabilities and in many cases are associated with fraudulent or illegal activities."

Recall that bitcoin is not a monetary instrument under the laws of Spain, and therefore all transactions with it are regarded from the point of view of barter, the regulation of which is carried out by the Spanish Civil Code. But the danger and threat of cryptocurrencies in Spain do not see everything. After all, not so long ago, at the end of April, one of the Spanish BBVA banks still used blockchain technology in their work. A little earlier, in February, a deputy from the People's Party of Spain announced his intention to give effect to legislation that would provide tax breaks for those enterprises and companies that still risked using blockchain.


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