Spanish Lawmaker Wants Spain to Act as Safe Harbor for Crypto In Light of Kazakhstan’s Bitcoin Crisis

Spanish lawmaker, María Muñoz from the Ciudadanos political is proposing a safe harbor for all crypto players, particularly those that are being impacted by the unrest in Kazakhstan. Maria shared a series of tweets expressing the involvement of the Spanish government in stemming oppression on an international scale and advocated for the right sanctions to be meted out to perpetrators of the uproar.

As reported earlier by TheCoinRise, Kazakhstan has been experiencing civil unrest for a while, and part of the government’s response is in shutting down the internet, a move that plunged the price of Bitcoin (BTC), and ultimately other digital currencies to multi-month lows. With the internet shut down, Bitcoin miners could not operate, and this ultimately led to the rapid slump in the network’s hashrate, a development that impact the global industry.

Back in 2021, Bitcoin’s hashrate plunged by many miles on the back of the Chinese government crackdown on miners operating within the region. With China unconducive, many, but not all operators migrating their hardware to Kazakhstan and other neighboring countries with affordable energy sources. Based on the positioning of Kazakhstan, and its friendly taxation laws, it quickly grew to become the nation that produces the second largest Bitcoin mining hashrate. 

The government is now a threat to the continuous growth of the crypto industry in the country, and Maria believes Spain is in a good position to benefit from this fallout. 

The protests in Kazakhstan have repercussions all over the world: also for the #Bitcoin,” she said in a previous tweet, adding “We propose that Spain position itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient, and safe sector.”

Can the Spanish Lawmaker Succeed in Pushing the Nation as the Next Crypto Hub?

Spain is a country with a conservative approach to the digital currency ecosystem when compared to the likes of Germany and Switzerland in the European Union. While any nation with renewable energy sources can easily be a green hub for the digital currency ecosystem, political differences can complicate the aspirations to serve as a crypto hub.

Maria’s proposals have been criticized by the opposition, chief of whom is Green party member Ernest Urtasun, who also doubles as a European Parliament member. Ernest labeled Maria’s proposal for Spain to be a hub for Bitcoin miners as a ‘Bad Joke’ adding that BTC mining is “an environmental aberration.”

The opposition of this nature is what might stall the ascension of Spain as a crypto hub, even though the industry is noting the good gesture from María Muñoz.

The post Spanish Lawmaker Wants Spain to Act as Safe Harbor for Crypto In Light of Kazakhstan’s Bitcoin Crisis appeared first on Blockchain, Crypto and Stock News.

Publication date: 
01/10/2022 - 15:37
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