Spain Should Be A Crypto Investment Hub, Spanish Deputy Proposes.
Maria Munoz, a member of Congress, has advocated designating Spain a safe haven for cryptocurrency investors in the wake of riots in Kazakhstan that have harmed the Bitcoin mining business.
The Spanish Deputy cites the fact that the worldwide hash rate dropped 14% in only two days due to the unrest in the world’s second-largest mining hub.
The current Bitcoin price dip, according to the analyst, is also due to the unrest in Kazakhstan. On the Bitstamp platform earlier today, the flagship cryptocurrency fell as low as $40,600.
Munoz offered three questions, each with a suggestion for a written response. She wonders if the administration is aware of the effect that the recent drop in global hashrate has had on the crypto market in Spain, if the government is expected to attract cryptocurrency miners who may be forced to leave due to internet shutdowns in Kazakhstan, and if there is information available about how energy efficient the local Bitcoin mining industry is.
Citizens recommended the development of a national cryptocurrency policy last year, which would entail the development of a clear regulatory framework and the implementation of stringent compliance criteria. Its objective is to make cryptocurrencies secure for ordinary investors in the midst of their rising popularity, while also placing Spain as one of the top crypto centres in the European Union and globally. However, the suggestion has yet to be considered by the authorities.
Munoz’s most recent remark drew harsh criticism on Twitter. A member of the European Parliament, Ernest Urtasun, called her recent effort a “bad joke,” alleging that Bitcoin mining is environmentally harmful.
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