Traditional banks in Spain have backtracked on their offers to customers wishing to invest in cryptocurrencies. The top executives of the country’s large banks have closed the door to their crypto products in recent days, despite being aware of their demand, due to the high risk they entail for investors, due to their lack of regulation, that could end in an avalanche of litigation against the sector.
The stance, with an almost identical agreement between the different banks, was preceded by the recent circular published by the National Securities Market Commission (CNMV) in which it regulates the advertising of crypto assets so that investors know the risks that they are facing. The regulations will come into force on February 17.
The main message in these campaigns, regardless of whether they are advertised by a company or an influencer, is direct: “Investment in crypto assets is not regulated, it may not be suitable for retail investors who could lose all of the monies invested.
Banks do, however, eagerly await the arrival of the digital euro, which is expected to be a reality by 2025. At the moment, it is in the research phase, which began in October 2021 and will last two years.
ts arrival (it will coexist with the physical currency) aims to revolutionize the means of payment. However, this currency must be differentiated from crypto assets, since the value of a digital euro will be one euro, it will not be exposed to the volatility that crypto assets have and will have legal support.