The CNMV and the Bank of Spain recently issued a statement warning of the risk of cryptocurrencies as an investment after the sharp appreciation of various cryptocurrencies in recent months. From Cointelegraph en Español, we spoke to Álvaro Cobarro, Founder and CEO of Bitcobie, to find out his point of view on this statement and in relation to Bitcoin in particular.
“I think we agree The crypto world carries various risks, some of them additional. What is not normal, however, is that when one speaks about it to attack out of fear, sheer ignorance, or sheer malice, it is done through misinformation. ” Cobarro commented.
“Nowadays in Spain it was heard absolutely everything. Amongst other things, that Bitcoin is not transparent, that there are no regulations and that there is also the risk of non-payment “, added the CEO of Bitcobie.
In that regard, he later questioned these claims, justifying them as follows:
“Isn’t it transparent? Bitcoin is infinitely more transparent than any government element. The Bitcoin blockchain is public, everyone can consult any movement and it should be noted that Bitcoin is not anonymous, but a pseudonym. Opacity is not a key feature of Bitcoin, but a key feature of state bureaucracy, the use of taxes, and the movements of banks. ”
Then he recalled, “These days, Rodrigo Rato was paroled for black cards that were not Bitcoin cards. They were opaque credit cards that illegally spent more than 15 million euros.”
Regarding the regulatory problem, Cobarro specified: Bitcoin is over-regulated by its consensus. Thousands upon thousands of people participate in a consensus that is immutable without the majority of network power. The rules are clear, transparent and accessible to all. Isn’t that a rule? When we talk about government regulation, the problem is not the lack of regulation, but regulation from an analogous perspective. You cannot regulate the speed of a car on the road if the law is to regulate the speed of horse-drawn carts. “
Another problem cited by the Bank of Spain and the CNMV was the alleged risk of default. Cobarro thought about it: “Risk of failure? It really doesn’t fit in my head for someone to make such a statement. ” And he added: “It is worth remembering that the National Commission on Markets and Values in Spain has protected and advocated movements as questionable and harmful to society as the bankruptcy of the Banco Popular, to take a recent example. ”
“It is normal for you to want to turn people’s doubts off in light of recent events in the Bitcoin ecosystem, but I firmly believe that things are changing and anyone who chooses to spend some time understanding what bitcoin is, why it matters and how it works, you can see that the campaign that is being carried out against this technology is less sustainable than bitcoin satoshi vision, ”he concluded.
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