Spain was trying to lure in Bitcoin miners following the violent demonstrations in Kazakhstan. With an array of countries riding the Bitcoin wave, Spain certainly didn’t want to be left behind. Therefore, a lawmaker from the region was trying to confirm that Spain was safe for mining cryptocurrencies.
The processions in Kazakhstan took a huge toll on the Bitcoin mining industry. While the country battles its own government following soaring fuel prices, the Bitcoin market slumped. One of the most popular telecommunications firms in Kazakhstan decided to cut the internet off causing a blackout. The government did this to limit the broadcast of the ongoing protests, however, this caused the decline of Bitcoin’s hash rate.
When the entire crypto community was contemplating if Kazakhstan was a good choice after China, a Spanish lawmaker stepped in and pitched the idea of Spain becoming the next mining hub.
In a recent tweet, Maria Munoz, a member of the Congress of Deputies pointed out that Spain was a safe bet for Bitcoin miners. Highlighting the recent drop in BTC’s hash rate, Munoz tweeted,
The tweet translated to,
“The protests in Kazakhstan have repercussions all over the world: also for #Bitcoin.
We propose that Spain position itself as a safe destination for investments in cryptocurrencies develop a flexible, efficient, and safe sector.”
Spain and Crypto
Spain has been quite vocal about its interest and inclination towards crypto. The government was quick to recognize cryptocurrencies. With the intention of combating tax invasion, the government encouraged the community to declare their crypto holdings. Soon after this, an array of crypto-friendly norms hit the Spanish market.
Furthermore, the banks in the region were also big on offering crypto to their customers. The citizens of Spain were equally excited about the onset of the crypto wave. A recent report by prominent crypto exchange, Coinbase revealed the same. About 80% of the survey participants from Spain reported that they were familiar with cryptocurrencies. The country also scored big in terms of crypto ownership.