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Bank of Spain Warns Citizens Against Crypto Given Lack of Local Regulations


Spain’s central bank has issued a reminder to citizens warning of the risks involved in transacting unregulated cryptocurrencies.

Spain’s central bank has issued a reminder to citizens warning of the risks involved in transacting unregulated cryptocurrencies. The Bank of Spain’s notice, issued Feb. 10, followed an official blog post published two days earlier, which had outlined the institution’s stance on cryptocurrencies, their characteristics, and their legal status in Spain and the wider European Union.

Both documents underscore the fact that Spain has not yet passed any legislation in regard to cryptocurrency, and that crypto exchange platforms and other companies in the sector are thus neither supervised not authorized by the central bank. Crypto platforms also do not carry the protections of national deposit guarantee systems such as Spain’s Deposit Guarantee Fund, the bank states.

The…



Read Full Story : Cointelegraph.com News

2019-02-11 13:53:00

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