Bitnovo reveals Spain’s rapidly increasing crypto adoption

Spanish cryptocurrency company Bitnovo conducted research to understand how Spanish citizens see cryptocurrency growth in the country.

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

The research showed that 60.7% of Spanish citizens are motivated to buy cryptocurrencies for long-term investments, 35.7% to make payments, 21.4 % for short-term speculation, and 17.9% to buy cryptocurrencies out of curiosity.

The research also aims to understand how cryptocurrency evolves as a new payment method in Spain.

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Cryptocurrency as a payment method

Bitnovo understood that cryptocurrency is becoming a popular payment method; the report found that 1.4% make payments with credit or debit cards, 50% with cryptocurrencies, 39.3% with Bizum, and 35.7% with bank transfers. The report shows that cryptocurrency is the second-most-used payment method in the country.

Finally, the report done by the company tried to understand the motivation behind cryptocurrency purchases. The report indicated that 60.7% of people in Spain are motivated to buy cryptocurrencies for long-term investments, 35.7% to make payments, 21.4 % for short-term speculation, and 17.9% to purchase cryptocurrencies out of curiosity.

The research concludes that most Spanish people see cryptocurrency as a long-term investment asset for savings.

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Crypto regulations in Spain

The regulatory landscape for cryptocurrency in Spain is still green. There is a lack of internal regulations regarding specific AML and finance regulations for the crypto industry.

If there is an issue regarding AML topics, the European MiCA regulations should be applied. If a cryptocurrency is defined as a security, it will fall under the jurisdiction of the financial regulator known as the CNMV.