This article is about does Spain use the Euro. Spain has been using the Euro (€) as its official currency since January 1. 1999. marking a significant transition from the Spanish Peseta (ESP) for electronic transactions. The adoption of Euro banknotes and coins for cash transactions commenced on January 1. 2002.
Does Spain Use the Euro?
Spain uses the Euro (€) as its official currency. It has been Spain's official currency since January 1. 1999. when it replaced the Spanish Peseta (ESP) for electronic transactions. Cash transactions in Euros began on January 1. 2002. when Euro banknotes and coins were introduced. Since then, the Euro has been the sole legal tender in Spain for all financial transactions.
The euro is the official currency of 20 out of 27 EU member countries, which together form the euro area or the Eurozone. The euro was introduced in 1999 as an accounting currency, and in 2002 as physical banknotes and coins. The euro is the second most-used currency in the world, after the US dollar, and it is used by around 341 million people every day.
The euro has several benefits for European integration, such as facilitating trade, tourism, and investment across borders, reducing transaction costs and exchange rate risks, and creating a large and stable economic area.
The euro is divided into 100 cents, and there are eight denominations of coins (1. 2. 5. 10. 20. and 50 cents, and 1 and 2 euros) and seven denominations of banknotes (5. 10. 20. 50. 100. 200. and 500 euros). The coins have a common side showing the value and a national side showing a design chosen by each country. The banknotes have a common design featuring architectural styles from different periods of European history.
Did Spain Approve a Euro-Linked Token?
As per a recent report by a Spanish news source, the Banco de España, or Bank of Spain, has given the green light to Monei, a fintech company, to conduct a trial of a euro-backed token within the framework of its financial sandbox program. This sandbox initiative is intended to establish a controlled environment for experimenting with financial innovation projects, all under the supervision of central bank authorities.
Monei's token, known as EURM, is a digital asset backed by physical euros held in reserve at two Spanish banks: Banco Bilbao Vizcaya Argentaria and Caixabank. The purpose of this token is to streamline quick and cost-effective transactions among users who have undergone identity verification through phone and video identification methods. Users can fund their wallets with actual euros and utilize the EURM token to send amounts equivalent to up to 10 euros.
How does this Relate to the Digital Euro?
The digital euro is a potential central bank digital currency (CBDC) that would be issued by the European Central Bank (ECB) as a complement to cash. The ECB launched a two-year investigation phase for the digital euro in July 2021. with the aim of exploring its design and features. The ECB Governing Council will review the results of the investigation phase in the third quarter of 2023.
Monei's EURM token is not a CBDC issued by the ECB, but rather a private initiative that uses blockchain technology to create a digital representation of the euro. However, Verdaguer said that testing the EURM token through Spain's central bank could lay the groundwork for a future digital euro: "[The Bank of Spain] may sit down with the ECB and say that we have the product, that it is regulated and supervised and that it is shaped from there."
Bottom Line
In this article, we have discussed does Spain use the Euro. Spain uses the euro as its official currency, along with most other EU member countries.
#crypto2023 #spain

The Spanish regulator for security has issued a warning about several crypto companies operating in the Spanish market without the necessary licenses.
The regulatory body warns that the mentioned cryptocurrency exchanges do not have permission to provide investment advisory services. It advises investors to properly inform themselves and exercise caution before starting trading on Spanish crypto platforms.
Warning for investors regarding unlicensed crypto companies
The National Securities Market Commission (CNMV) states in its report that there are 18 crypto companies operating in Spain without the necessary licenses. These companies include Top Tier Capital, BitBinx, Swiss Investment Funds, BreadInx, and Universal Trade.
The regulatory body further cautions against taking investment advice from these companies as they are not regulated by Spanish laws and are not registered with the CNMV, meaning they do not have permission to offer investment services.
Spanish crypto companies under regulatory pressure
In response to stricter regulations from the Spanish regulator, crypto companies are trying to improve their marketing strategies to ensure that investors are better informed about the risks associated with investing in cryptocurrencies.
Tighter rules for cryptocurrency promotion
In November 2023, BeInCrypto reported that the CNMV initiated disciplinary proceedings against the Spanish technology company Miolos SL (Miolos) for failing to comply with rules for promoting cryptocurrencies when the company neglected to highlight the risks associated with cryptocurrencies.
Similar steps have been taken by the British Financial Conduct Authority (FCA), which introduced rules targeting crypto companies for promotion.
The FCA has issued a more than 200-page guide that explains in detail the procedures and regulations that crypto companies must adhere to when promoting their digital services. Although crypto companies typically use traditional marketing channels such as sponsorship at major events or advertisements in television and print, the new guidelines bring some exceptions to these conventional methods.
#crypto #spain #regulations  
 
 
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
 

A&G, a Spain-based private banking entity with €12.4 billion ($14 billion) in assets under management, has launched the first crypto fund under Spanish law.

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The hedge fund will be accessible exclusively to professional investors and will be audited by PwC.

CACEIS, a banking group of Crédit Agricole and Santander, will serve as the fund’s depositary.

The Bank of Spain began granting licenses to virtual currency exchange and digital wallet custody providers in 2022, with companies like Bit2Me, Bitstamp, BVNK, Crypto.com, and Ripio obtaining such licenses.

A&G’s chief investment officer, Diego Fernandez Elices, noted that while it presents an opportunity for European professional investors to explore cryptocurrencies, the fund comes with high risks.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #spain $BTC

The use of cryptocurrencies is rapidly escalating in Spain and around the world.When making payments, many Spaniards choose cryptocurrencies as their main means of payment.Bitnovo carried out research to understand how the cryptocurrency ecosystem is evolving in the country.

The investigation showed that 71.4% make payments with credit or debit cards, 50% with cryptocurrencies, 39.3% with Bizum, and 35.7% with bank transfers.

Positioning cryptocurrencies as the second-most-used payment method by Spaniards in the country.

Bitnovo also tried to understand the motivations of the Spanish when acquiring cryptocurrencies, the research indicated that 60.7% of Spaniards are motivated to buy cryptocurrencies to have long-term investments, 35.7% to make payments, 21.4 % for short-term speculation, and 17.9% buy cryptocurrencies out of curiosity.

According to data provided by Stadista, Spain ranks 22nd internationally in cryptocurrency adoption, with 15% of the population compared to 10% in 2019.

Finally, the investigation carried out by Bitnovo revealed curious data regarding the use that Spaniards give when acquiring cryptocurrencies; it indicated that 53.6% of Spaniards use cryptocurrencies for savings, 42.9% for investments or trading, 35.7% for payments, and 10.7% for remittances.

The research carried out by the company indicated that the Spanish see cryptocurrencies as a means of saving with a long-term vision.

In this sense, we can see how the cryptocurrency ecosystem is growing rapidly as one of the payment methods chosen by the Spanish, managing to surpass bank transfer as a payment option.

#spain #crypto2023