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The EU Won’t Wait for Global Agreement on Cryptocurrencies: Spain’s Economy Minister

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During the G20 summit, the Spanish Minister of Economy, Industry and Competitiveness, Rom?n Escolano Olivares, revealed that he doesn’t see cryptocurrencies as a threat to the global financial system and that the European Union (EU) may not wait for a globally coordinated effort to regulate cryptos.

Speaking on the sidelines of the ongoing summit, the minister pointed to two fundamental issues when it comes to cryptocurrencies – which he prefers to call crypto-assets – which are consumer protection, and their use in illicit activities.

Regarding cryptocurrencies, Olivares stated (roughly translated):

Olivares went on to state that consumer protection is an issue and that the Spanish Securities Commission (CNMV) and the country’s central bank have issued statements advising investors to tread carefully.

In addition, he pointed out that it’s important to address the role cryptocurrencies can have in crime and terrorist financing. Per his words, “it is very important that there are clear rules to prevent this kind of activity from developing,” thanks to the anonymity provided by various cryptocurrencies.

He added:

The minister’s position seemingly reinforces the views of the world’s economic leaders. As covered by CCN, the G20 communique showed “crypto-assets” is a preferred term, and that cryptocurrencies raise issues when it comes to investor protection, tax evasion, market integrity, money laundering, and terrorism financing.

The document goes on to state regulation recommendations are coming in July 2018. These will presumably allow for the development of the digital economy and its technology, while hindering their use for criminal activities.

Notably, Olivares pointed out that the European Union will not wait for a global agreement on cryptocurrencies. The minister revealed that the new digital economy should play its role in the “financing of public goods, the welfare system, and collective needs,” and not just leave it to the “so-called old economy.” He concluded:

Hat tip to Cassio Gusson and Cristhian Raphael from Criptomoedas F?cil.

Featured image from Shutterstock.

21.03.2018 / 11:20 24
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