Bank of Spain report warns about cryptocurrency usage and its effect on financial stability

04/27 11:01

The Bank of Spain has issued a new report that touches on the subject of the popularity of cryptocurrency usage and the possible effects it might have on the financial stability of the nation. In the document, the bank explains that these assets — which ostensibly don’t have any kind of support behind them — can introduce systemic risks via their adoption by traditional institutions and the lack of regulation over them. The document clarifies that: In this context of lack of its own national regulation on crypto assets, the Bank of Spain does not currently have the capacity to regulate, authorize or supervise the operation of crypto asset markets or their participants.

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