Cryptocurrency Welcomed In Spain Amidst Ongoing Pandemic

Spain Adopts Cryptocurrency Despite Covid-19 Lockdown
  • There has been an immense acceptance of decentralised finance (DeFi) in Spain, along with the adoption of using digital currency
  • Multiple perspectives and opinions have been shared by crypto industry insiders and analysts on the integration of virtual assets into the Spanish economy
  • The process has taken place in varying effects throughout 2020 with government regulators becoming a part of the crypto space 

The Spanish economy has opened up to the use and circulation of cryptocurrency despite pandemic restrictions.

2020 Will Be Significant For Crypto in Spain

The Spanish economy suffered a major blow during the onset of Covid-19, joining numerous countries in facing similar challenges. The impact of restrictions and lockdowns has been negative on the share market. However, there has been an occurrence of different events that mark the significance of 2020 in the Spanish cryptocurrency space. Perspectives from various individuals of the digital asset industry who have witnessed the adoption of virtual currency into the Spanish economy are also prominent. 

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From a legislative and administrative perspective, there have been numerous occasions which have provided opportunities to privately owned businesses. These have also driven the appropriation of digital currencies into the nation’s financial sector. 

Boom In DeFi And Digital Assets

There has been a foundational growth of decentralized finance (DeFi) in the country. Different activities were carried out in relation to the same, which ranged from hackathons to virtual meetings and discussions. The development of DeFi, which occurred on a worldwide level, additionally excited interest in the Iberian region. The reason behind this expedited surge can be attributed to smart contracts. All transactions of lending, borrowing, overlooking investment portfolios and availing liquidity can be carried out without the requirement of mediating authorities. 

The amalgamation of digital assets with the Spanish economy has materialized throughout 2020. The country is currently amongst the top 10 nations when it comes to the presence of the highest number of Bitcoin oriented ATM units. 

With the increasing levels of virtual transactions, cryptocurrency has definitely found its market in Spain. Users of digital assets are more likely to invest and keep part of the capital, rather than engaging in continuous trading. After witnessing the various weak points of the digital currency which are usually attacked by hackers, government regulations have also been implemented to smoothen the functioning of virtual money in the country. 

Bitcoin is being viewed as an alternative to traditional currency. Individuals are relying on the transparency in terms of transaction and value. This confidence and secure perception of the world’s leading cryptocurrency has fuelled an increase in investments throughout the nation. 

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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