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Spanish Treasury Secretary Says Cryptocurrencies Carry a ‘Risk of Default’, Repeats Bank of Spain’s Lack of Regulation Rhetoric

Spanish Treasury Secretary Says Cryptocurrencies Carry a 'Risk of Default', Repeats Bank of Spain's Rhetoric on Lack of Regulation

The government of Spain continues to harden its stance against widely adopting cryptocurrencies. The Spanish Secretary of State for the Economy recently expressed her concerns on risks that she thinks cryptos possess for the national economy.

Secretary Doesn’t Like Bitcoin as It Cannot Be ‘Supervised or Sanctioned’

During the Online Fintech Summit 2021, Ana de la Cueva said that cryptocurrencies such as bitcoin (BTC) 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.”

In fact, the Secretary blasted off on the lack of a “centralized guarantee system” in bitcoin. Interestingly, at the beginning of her speech, De La Cueva mentioned that the cryptocurrency’s technology is based on blockchain. However, she later pointed out that there is no standard “clarity” on the nature of bitcoin.

The Secretary repeated the same rhetoric of Spanish state entities on crypto assets, saying that the industry lacks a standardized regulatory framework. She even mentioned that one of the negative sides of BTC is that it “cannot be supervised or sanctioned.”

De La Cueva added:

At the moment, the use [of bitcoin] is very limited, but the European Central Bank already warns that a generalization could trigger unwanted effects on the functioning of the monetary system.

Replicating the Bank of Spain and CNMV Rhetoric

The same statement was used by both the Bank of Spain and the National Securities Market Commission (CNMV) in a recently issued document. Both entities warned on how crypto assets could harm the stability of the traditional monetary system.

The efforts of the Spanish government to tax crypto holdings have been evident in the last few months. As reported, the government recently approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.

The measure is part of the tax authorities’ efforts to remind crypto owners of their tax obligations.

Still, Spain’s tough stance against crypto assets made the headlines in 2018. The Bank of Spain, jointly with the CNMV, issued its first warning on risks that carry cryptos and initial coin offerings (ICOs).

What do you think about the Spanish Economy Secretary’s words on cryptos? Let us know in the comments section below.

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