The government of Spain continues to harden its stance against widely adopting cryptocurrencies. The Spanish Secretary of State for the Economy recently expressed her concerns on risks that she thinks cryptos possess for the national economy.

Secretary Doesn’t Like Bitcoin as It Cannot Be ‘Supervised or Sanctioned’

During the Online Fintech Summit 2021, Ana de la Cueva said that cryptocurrencies such as bitcoin (BTC) carry “a risk of default, given that the user does not have the protection offered by traditional payment systems against a default by the counterparty.”

In fact, the Secretary blasted off on the lack of a “centralized guarantee system” in bitcoin. Interestingly, at the beginning of her speech, De La Cueva mentioned that the cryptocurrency’s technology is based on blockchain. However, she later pointed out that there is no standard “clarity” on the nature of bitcoin.

The Secretary repeated the same rhetoric of…

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Source: https://news.bitcoin.com/spanish-treasury-secretary-says-cryptocurrencies-carry-a-risk-of-default-repeats-bank-of-spains-lack-of-regulation-rhetoric/