Bank of Spain, CNMV, Liquidity, Spain, spain bitcoin regulation, spain crypto regulation, Speculation, Tesla

The Spanish financial markets watchdog and the country’s central bank criticized — again — cryptocurrencies as an investment asset. The entities issued a joint statement warning about the high risks the cryptocurrency market poses.

Document: Crypto Adoption as a Payment Means ‘Is Still Limited’

Per the paper, the Bank of Spain and the National Securities Market Commission (CNMV) reaffirmed their stance against considering bitcoin (BTC) as a means of payment. After dismissing cryptos as secure investment assets, they also pointed out the lack of regulation in the European Union.

However, they recognized that the European bloc is holding talks on establishing a legal framework to regulate the crypto environment.

The document elaborates on the “liquidity†factor;

As a means of payment, both CNMV and the Bank of Spain believe that it is “still limited†compared to other digital payment solutions. They added:

An Indirect Warning Towards Spanish Companies That Want to Replicate Tesla’s BTC Move?

In the document, there was a mention of a speculative factor:

The statement got local media outlets like El Español to speculate on its timing. In fact, El Español believes the bodies issued that document as a “forceful alert†in the wake of Tesla’s bitcoin-related announcement. Quoting local experts, the media outlet says the warning is clearly a “wake-up call for institutions and companies.â€

Three years ago, the Spanish central bank and Spain’s financial markets regulator published a similar document, where they raised concerns on cryptocurrencies and initial coin offerings (ICOs). However, both entities put particular emphasis across the paper on the lack of regulation in Spain, targeting retail investors.

What do you think about the new document issued by the Bank of Spain and the CNMV on cryptos? Let us know in the comments section below.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Bitcoin Dips as Elon Musk Tweets Broken Heart Emoji

The price of the leading cryptocurrency took a hit after billionaire Elon Musk mentioned Bitcoin in a new tweet hinting at a breakup. Musk’s latest crypto post, featuring a broken heart emoji and a reference to a Linkin Park song, effectively halted this week’s market rebound. Musk Tweet Pushes Bitcoin Price Down Before the Weekend […]

Xem chi tiết: Bitcoin Dips as Elon Musk Tweets Broken Heart Emoji

Daymak to Launch Crypto Mining Vehicle by 2023

Daymak, a Canada-based electric vehicle company, has announced the Daymak Spiritus, an electric car that will be able to mine cryptocurrencies. According to the specs, it will also feature solar charging to lessen the load on the battery while driving. The company, which has only offered the car for 60 days, claims to have managed […]

Xem chi tiết: Daymak to Launch Crypto Mining Vehicle by 2023

Cryptocurrency Related Scams Flood Tribunals in Spain

Spain has not been a stranger to the popularity of cryptocurrencies, and with this popularity, also comes the attention of people and organizations wanting to capitalize on the subject. Spanish tribunals have been flooded lately with lawsuits involving cryptocurrency scams related to bitcoin and ethereum based platforms, and the people using these to scam other […]

Xem chi tiết: Cryptocurrency Related Scams Flood Tribunals in Spain

Spain’s Largest Asset Managers Still Reluctant to Invest in Cryptocurrencies

The biggest Spanish asset managers are still not convinced of cryptocurrencies as an asset class, and therefore have no plans to invest in the space yet. The declarations of several spokespeople linked to these companies state that, while there is a significant opportunity in the nascent cryptocurrency sector, it is still too young and volatile […]

Xem chi tiết: Spain’s Largest Asset Managers Still Reluctant to Invest in Cryptocurrencies

Little Green Mining Hood or the Big Bad Wolf: Musk’s Sustainability Play

Recent announcements and actions by Elon Musk surrounding bitcoin mining sustainability raise questions about the reasoning and motivations of Tesla’s Technoking. Is it possible that Musk is playing a calculated marketing game to introduce a Tesla mining solution? The World of Bitcoin Mining According to Musk Once upon a time, for 49 days, the world […]

Xem chi tiết: Little Green Mining Hood or the Big Bad Wolf: Musk’s Sustainability Play

Spain Based Custodial Services to Report Ownership of Crypto Assets, According to New Law Draft

A new law draft approved just today by the Finance Commission of the Spanish Congress would make Spain-based custody services report the ownership of the cryptocurrencies under management. The law, which was stuck in Congress for some time, aims to close a gap in the legislation that allowed some users to bypass the requirements and […]

Xem chi tiết: Spain Based Custodial Services to Report Ownership of Crypto Assets, According to New Law Draft

Fed’s Daily Tapering Increases by 23%- Tuesday’s Reverse Repo Removes $432 Billion from Market

Since well before the onset of Covid-19, the U.S. Federal Reserve had initiated monetary easing policies and from then on, the M1 Money Stock supply skyrocketed to levels never-before-seen in history. This weekend reports disclosed that the Fed has started to taper quantitative easing (QE) when it removed $351 billion from the market last week. […]

Xem chi tiết: Fed’s Daily Tapering Increases by 23%- Tuesday’s Reverse Repo Removes $432 Billion from Market

Elon Musk Reaffirms His Crypto Allegiance

Elon Musk, the CEO of Tesla and Spacex, has, at last, reaffirmed his cryptocurrency allegiance, after a series of contradictory signals that collaborated with the market plunge this past week. Musk affirmed he ultimately favors cryptocurrency against fiat-issued money on Twitter, something that was seen as a clear rebuff from his earlier statements where he […]

Xem chi tiết: Elon Musk Reaffirms His Crypto Allegiance

Elon Musk Reaffirms His Crypto Allegiance

Fed Begins to Taper QE- US Central Bank Removes $351 Billion in Liquidity via Reverse Repos

Fed Begins to Taper QE- US Central Bank Removes $351 Billion in Liquidity via Reverse Repos

Crypto Prices Consolidate, Analysts Blame Bitcoin Market Rout on ‘Overleveraged Positions’

Crypto Prices Consolidate, Analysts Blame Bitcoin Market Rout on ‘Overleveraged Positions’

Chinese Firm Invests $25 Million in ‘Cryptocurrency Mining Data Center’ in Texas

Bitcoin Drops Below $40K, Crypto Economy Down 17%, Markets Lost $250 Billion Last Week

Six People Connected to a $36M Crypto Scam Arrested, Scheme Operated From Multiple Locations in Europe

Other Articles