Bobos & Wojaks

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11% Of Spaniards Have Invested In Cryptocurrencies.

According to a survey from the Association of Financial Users, around 4.4 million Spaniards have purchased or are investing in crypto assets (Asufin). 11.2 percent of Spain’s 47.3 million residents claim to invest in and trade in cryptocurrencies on a regular basis.

Per the “III Report on Fintech Knowledge and Habits,” 7 out of 10 Spaniards believe cryptocurrencies are controlled. As a result, they are uninformed that they are potentially risky investments, and just two out of every ten persons polled are aware of the current situation.

According to Asufin’s research, there is a growing interest in cryptocurrencies, as well as anything related to blockchain technology, in Spain. The organisation also stated that there is widespread ignorance about crypto market regulation; individuals are unsure if crypto assets should be taxed or not.

59.3 percent of those polled stated they had profited from their cryptocurrency investments. 28.8 percent admitted to losses, while the rest 11.9 indicated there were no significant differences in profit or loss.

The figures from Asufin and Statista on cryptocurrency adoption in Spain are consistent. Statista stated in its most recent report in early September that 10% of Spaniards claim to use or own cryptocurrencies.

Faced with the rise of cryptocurrencies in that European country, the Bank of Spain’s authorities stated in a study titled “Advances in the Strategic Agenda of the Digital Euro” that the use of cash is declining, affecting the role of central banks.

Hence, the issuance of a digital currency is being analyzed to preserve the monetary function of the central bank.

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According to the Association of Financial Users, 70.6 percent of Spaniards regularly invest more than 1,000 euros in cryptocurrencies. A bit more than a quarter of investors have invested more than € 6,000. Only 59.1% are aware of the hazards associated with these investments.
“Digitalization has boosted Spaniards’ awareness and use of fintech, particularly in the areas of cryptocurrencies and payment methods,” says the report.

As indicates the Asofin report :

“The more informed and the more use the citizen makes of technology, the more he seems to be aware of all its risks. A trend that is not yet observed in the phenomenon of investment in cryptocurrencies”,

It adds. “According to the report, 69.8% of Spanish investors consider that cryptocurrency transactions are supervised by regulatory bodies such as the Spanish National Securities Market Commission (CNMV) or the European Central Bank (ECB).”

Only 22.1% claim to be aware that private digital money is not regulated.

“There is also a significant lack of knowledge about the tax implications of these instruments,”