11% of Spaniards Invest in Cryptocurrencies
DailyCoin
Published Dec 01, 2021 09:00AM ET
11% of Spaniards Invest in Cryptocurrencies
- Approximately 4.4 million Spaniards invest strictly in cryptocurrencies, according to an Asufin report.
- In Spain, interest in cryptocurrencies continues to increase, despite the fact that the majority of the population is unaware of the risks involved.
- Around a third of Spanish investors believe that cryptocurrencies are regulated.
Some 4.4 million Spaniards have bought or are making investments in crypto assets, according to a report by the Association of Financial Users (Asufin). 11.2% of the 47.3 million inhabitants of Spain claim to repeatedly invest in cryptocurrencies and trade in crypto assets.
The “III Report on knowledge and habits of Fintech” also reveals that 7 out of 10 Spaniards believe that cryptocurrencies are regulated. Therefore, they are unaware that they are risky investments and only 2 out of 10 people consulted are informed about the current situation.
Asufin found in its research that there is a growing interest in cryptocurrencies in Spain. As well as everything related to blockchain technology. The organization also said that the lack of knowledge about the control of the crypto market is widespread. People don’t know whether crypto assets should be taxed or not.
On The Flipside
- The only explanation for this long-awaited data is that investors are following the global trend towards the adoption of cryptocurrencies and their enthusiasm is on the rise due to the recent profits made with their investments.
Asufin’s data coincide with those of Statista on the adoption of cryptocurrencies in Spain. In its last publication in early September, Statista pointed out that 10% of Spaniards claim to use or own cryptocurrencies.
Faced with the advance of cryptocurrencies in that European country, the authorities of the Bank of Spain said in a report entitled “Advances in the strategic agenda of the digital euro”, that the use of cash is decreasing, which affects the role of the central banks.
Hence, the issuance of a digital currency is being analyzed to preserve the monetary function of the central bank.
25% of investors invest more than € 6,000
The Association of Financial Users highlights that 70.6% of Spaniards invest in cryptocurrencies more than 1,000 euros regularly. Even a little more than 25% of investors have exceeded € 6,000. But only 59.1% are aware of the risks of these investments.
Get The News You Want
"Digitization has accelerated the knowledge of Spaniards and the use of fintech, mainly in the segments of cryptocurrencies and means of payment," 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”, he 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," says the report.
And adds:
"41.4% (of investors) think that they will not have to pay any type of tax for what they earn with their crypto assets and 28.4% admit that they do not know." The report “concludes that digitization has accelerated the knowledge of Spaniards and the use of fintech, mainly in the segments of cryptocurrencies and means of payment.”
Why You Should Care?
- Spain is among the European countries that have adopted the use of cryptocurrencies the fastest.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.