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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.<\/strong><\/p>\n During the Online Fintech Summit 2021<\/a>, Ana de la Cueva said that cryptocurrencies such as bitcoin (BTC<\/a>) carry \u201ca risk of default, given that the user does not have the protection offered by traditional payment systems against a default by the counterparty.\u201d<\/p>\n In fact, the Secretary blasted off on the lack of a \u201ccentralized guarantee system\u201d in bitcoin. Interestingly, at the beginning of her speech, De La Cueva mentioned that the cryptocurrency\u2019s technology is based on blockchain. However, she later pointed out that there is no standard \u201cclarity\u201d on the nature of bitcoin.<\/p>\n 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<\/a> is that it \u201ccannot be supervised or sanctioned.\u201d<\/p>\n De La Cueva added:<\/p>\n 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.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n The same statement was used by both the Bank of Spain and the National Securities Market Commission (CNMV) in a recently issued<\/a> document. Both entities warned on how crypto assets could harm the stability of the traditional monetary system.<\/p>\n The efforts of the Spanish government to tax crypto holdings have been evident in the last few months. As news.Bitcoin.com reported, the government recently approved<\/a> a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.<\/p>\n The measure is part of the tax authorities\u2019 efforts to remind crypto owners of their tax obligations.<\/p>\n Still, Spain\u2019s tough stance against crypto assets made the headlines in 2018. The Bank of Spain, jointly with the CNMV, issued its first warning<\/a> on risks that carry cryptos and initial coin offerings (ICOs).<\/p>\nSecretary Doesn\u2019t Like Bitcoin as It Cannot Be \u2018Supervised or Sanctioned\u2019<\/h2>\n
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Replicating the Bank of Spain and CNMV Rhetoric<\/h2>\n