Today, in the middle of 2019, in Spain no law or regulation on cryptocurrencies has yet been approved, and the only thing that occurs is conversations, first guidelines on how to declare them and little else. As a result, cryptocurrency exchange companies and platforms live in a gray area, not being directly regulated and of course, they cannot avail themselves of the deposit guarantee fund.

However, what happens in the market is another issue. Cryptocurrencies there are many kinds. Cryptocurrencies are booming, driven by the success of certain models, and they are proving that they have been created to stay.

The Bank of Spain and cryptocurrencies

It is no secret that the Bank of Spain, therefore, is not yet authorizing companies, entities or cryptocurrency exchange platforms. The authorities of the Bank of Spain consider that, although cryptocurrencies are not going to replace fiat (traditional) currencies, it is obvious that they should be taken into account as a payment method and also to channel investments and transfers of assets.

Although the Bank of Spain was one of the first institutions to recognize cryptocurrencies as assets, as a type of money, in 2012, its position vis-à-vis certain informational notes published remains ambiguous in this regard. The practice is not to call them currencies but assets.

More clarifying is the European Central Bank, which defines cryptocurrencies as “types of unregulated, digital money, which is issued and usually controlled by its developers, and which is used and accepted among members of a given community.” It is not surprising that more and more, users themselves take charge of their finances (apart from banks and traditional banking entities) and dare to enter those markets.

Cryptocurrencies in the credit market

Cryptocurrencies are also responsible for many private lending and credit institutions offering personal products, such as fast online loans, at prices more competitive than ever, also through the so-called blockchain.

In recent years the emission and use of so-called cryptocurrencies have multiplied. There are more than 1,600 virtual currencies currently in circulation throughout the planet, with a trend that is expected to be confirmed upwards, and increasingly more financial market volume, exceeding $ 13 billion worldwide.

Although no state has yet recognized a cryptocurrency as legal tender, it is no less true that many regions and countries have endowed cryptocurrencies with legality and as a payment method, including countries such as Venezuela or Japan, and regions of the United States like Florida.

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