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The war against cryptocurrencies
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The Bank of Spain (BdE) and the National Securities Market Commission (CNMV) have issued a statement qualifying the Bitcoin (and, therefore, the rest of cryptocurrencies) in high-risk investment and with high risk of being a pyramid scam or ponzi. The Spanish national entities are added to the foreigners who previously had already positioned themselves against these virtual currencies, such as the European Securities and Markets Authority (ESMA).
The statement basically states that Bitcoin, as well as the other cryptocurrencies, reflect patterns clearly typical of speculative bubbles. As exemplified, last year alone went from being worth 850 euros to more than 16 000, plus we have almost 60 days of falls to 5500 euros, again (what the bitcoin community defines as a correction, most likely due to the price manipulation). One of the most important things that stand out is that cryptocurrencies, as well as the different actors involved in direct marketing, are not regulated in the European Union. The people who operate in cryptocurrencies are not under the protective umbrella of the entities of the European Union. This implies that, faced with a fraud, such as those that have already occurred, both nationally and internationally, the user would be totally unprotected. And, the EU, due to current regulations, protects scammed users with a fund designed precisely for this. In cryptocurrencies, this does not apply, because it does not comply with the regulation. Neither is a currency of payment, nor are we obliged to accept it as such ... The CNMV and the Bank of Spain issue a joint statement on cryptocurrencies
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