In Spain, the CNMV could monitor advertising on cryptocurrencies



In Spain, the Ministry of Economy looks towards cryptocurrencies and apparently there is a plan to attribute to the National Securities Market Commission (CNMV) the possibility of monitoring advertising on them. This was reported by the business and finance portal PYMEX.

The article, which in turn takes as its source a publication by El País, noted: “The current regulation allows the CNMV to have power over brokers, fund managers and banks that offer bonds, equities, investment funds and derivative or structured products. The supervisor can request rectifications or even the cessation of advertising activity within the term three days. But there is a loophole in crypto assets, which can be offered by almost anyone. “

“The ministry led by Nadia Calviño has decided to take action on the matter, after the CNMV itself and the Bank of Spain have repeatedly warned about the risk of investing in cryptocurrencies,” they added later.

In this context, now the CNMV could subject crypto-asset advertising to authorization.

Faced with this news, Bit2Me CEO Leif Ferreira voiced his opinion via LinkedIn, noting: “They want to prevent people from learning about Bitcoin.”

“Express laws to forbid it to be known. Of those who do not know what a Merkle tree is, who do not know what the elliptic curve is, who do not know what a SHA256 is … Of those who think that Bitcoin is a financial product without knowing that Bitcoin is a protocol, a P2P social network for the transfer of value, where bitcoins are the access tokens to that free network and, as the tokens are limited, they take on value “, highlighted Ferreira.

“A traditional financial system that has us kidnapped, from which so many want to escape. The next thing is to ban offices of people working in Bitcoin, talking about Bitcoin, thinking about Bitcoin, dreaming about Bitcoin …”, he added.

Among other things, Ferreira also pointed out: “Society hates these traditional models, but they try to beat them to love them. The rest of the countries worry about innovating and here, about censoring.”

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