Cryptocurrency News today-Spanish Authorities demand cryptocurrency data from banks

It seems like most of the countries have decided to crack down on cryptocurrencies. In latest developments, Spanish Treasury has ordered the banks to hand over cryptocurrency related information. The order has been passed for more than 60 banks. They have to pass all the details related to cryptocurrency transactions or deposits in cryptocurrency exchange accounts to the Spanish treasury.

This is believed to be a huge crackdown. Moreover, as Spain is part of the European Union, there are worries that other countries might take such drastic steps pretty soon as well. This will mean that it will become difficult for the users and investors to think about investing in cryptocurrencies.

Moreover, the investigation in Spain is started by the National Office of Fraud Investigation. This indicates that something fishy is going on. Moreover, with such serious investigations starting against investors investing in cryptocurrencies, it will deter more and more investors from investing in cryptocurrencies. As a result, the investor base will definitely shrink.

Up until now, the authorities have not exactly spoken on the issue. That is why concrete information is not yet out. However, it has been widely reported that such orders have been passed to more than 60 banks. If indeed, the customers are identified, some of the customers who have invested heavily might face trouble. Also, there are taxation issues as well. If the investment is large, the taxes which can be levied on the investors will also be large. In the last 15 to 18 months, Bitcoin, as well as other cryptocurrency tokens, have appreciated by a significant amount. Thus, if the banks are able to provide the information to the Spanish Treasury regarding the cryptocurrency based transactions, tax demands can be put forward to the investors as well.

It remains to be seen what is the action which is taken by the Spanish Treasury after the banks hand over the information.

More and more countries are cracking down on cryptocurrencies, it is becoming riskier to invest in cryptocurrencies. Many of the countries are also cracking down on cryptocurrency exchanges as well and shutting them down. This is further reducing the options which are available to the investors to invest in cryptocurrencies. As a result, there is a complete loss of momentum in the cryptocurrency markets. Most of the investors have decided to stay away until and unless regulatory problems are solved.

David is passionate about learning cryptography, tech and the Internet. He has years of experience working at international investment projects. Growing interested in Blockchain and cryptocurrencies in late 2015, he joined Smartereum as an editor.


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