Bank of Spain talks about cryptocurrencies
The financial institution highlighted the risks that exist when making investments in this sector, due to volatility and manipulation
The Bank of Spain spoke out again about cryptocurrencies, leaving a warning to its clients as to the risks that exist when investing in these assets.
According to the arguments of the financial institution, this risk derives from the volatility and manipulation that are normally part of some digital assets.
The Bank of Spain remarked that investing in cryptocurrencies was a very risky task since they were “very speculative” and did not have any backing from central banks.
On the other hand, they highlighted that the bank is unable to guarantee its clients the resolution of any conflict that may arise when buying cryptocurrencies, given that most of the sellers are located outside of Spain.
Finally, the Spanish institution advises that if you really feel a great desire to invest in cryptocurrencies, first inform yourself as much as possible before investing your money considering all the risks that they may represent. Indeed, this should be a rule for anyone before making a crypto investment.
K. Tovar
Source: Beincrypto
