Cryptocurrencies: what place does Spain occupy in the international market?

Currently it’s estimated that the total value of cryptocurrencies in the international market is 246 billion dollars*, of which 139 billion* are Bitcoins. It’s also estimated that the number of investors is between 2.9 and 5.8 million, with these holders having between 5.8 and 11.5 million active wallets of cryptocurrencies. We also know that at least 1,876 people work full time in the cryptocurrency industry.

Without a doubt, these are very impressive figures, but what place does Spain occupy in this new market that has revolutionized the world of finance? The truth is that there are very few studies in this regard and some data is really difficult to achieve due to the anonymity that comes with blockchain technology. Even so, we have been able to gather enough information so that you can get an idea of ​​where cryptocurrency is in Spain:

The user of Bitcoin and other cryptocurrencies in Spain

According to an ING study of 2018, in Spain, 67% of respondents admit to having heard about cryptocurrencies, but only 10% are currently investors (close to 4 million people). When asked about the future, 32% say they intend to buy. These figures place Spain in the top 3 of investors in Europe, just below Turkey (45%) and Romania (38%). In addition, we also know that Spain is in the 5th position worldwide in terms of Bitcoin holders.

Keep in mind, however, that getting statistically relevant data from cryptocurrency users is almost impossible, since one of the most important characteristics of Bitcoin and the rest of cryptocurrency is that they offer great privacy to the buyer. And since they’re not currencies regulated by a centralized agency or be of generalized use, it is difficult to carry out a market study with random samples and large enough.

The regulation of cryptocurrencies in Spain

Currently there’s no specific regulation on cryptocurrencies in Spain, but we know that they can’t be treated as a legal course, since this right is reserved for the Euro as the only official currency. In Spanish law, cryptocurrency can’t be considered a financial instrument nor a currency, but could be assimilated to securities in the case of public offers, or movable assets or products that are individually cataloged.

The current position of the CNMV and the Bank of Spain is that a specific regulation of cryptocurrencies is necessary, but such regulation can only be done at the level of the European Union and after consulting with third countries such as the USA, which play an important role in the world of financial markets.

As we see, despite the lack of regulation, Spain is in a prominent position in the world of cryptocurrencies, worldwide and, above all, at European level. We will have to wait until the expected regulation is established to see how it affects the popularity of the blockchain in our country.