Alleged crypto Ponzi scheme targeting Spanish speakers freezes user funds

Researchers are warning that the supposed scheme could have swindled billions.

Researchers are warning that the supposed scheme could have swindled billions.

Canceled by Corona: A Developing List of Finance Practices Halted due to Pandemic

A collection of government freezes and suspensions of usual crypto-relevant finance practices in response to Coronavirus

A collection of government freezes and suspensions of usual crypto-relevant finance practices in response to Coronavirus

Cresio CIO Comments, New ‘Satoshi’ and BTC Games: This Week in CT Spain

This week on CT en Español: Cresio’s CIO on crypto’s future, a response to a new ‘Satoshi’ and the latest in games to earn Bitcoin

This week on CT en Español: Cresio’s CIO on crypto’s future, a response to a new ‘Satoshi’ and the latest in games to earn Bitcoin

Major Spanish Bank BBVA Issues $40 Million Green Bond Based on Blockchain Platform

Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has announced the launch of the first blockchain-backed platform for structured green bonds. The news was announced in a press release published on Feb. 19. BBVA has closed the deal with Spanish insurance house Mapfre, which has invested €35 million (approximately $40 million) to finance sustainable…

Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has announced the launch of the first blockchain-backed platform for structured green bonds. The news was announced in a press release published on Feb. 19.

BBVA has closed the deal with Spanish insurance house Mapfre, which has invested €35 million (approximately $40 million) to finance sustainable products. To close this deal, BBVA has “issued the first structured green bond using blockchain technology to negotiate the terms and conditions,” the press release states.

The press release underlines that the funds have been specified for the financing of green projects, under the umbrella of BBVA’s sustainable development goals. BBVA’s head of global sales, Juan Garat, noted the company’s focus on innovation sustainable solutions, adding:

“Using DLT — distributed ledger technology — for this transaction allowed us to simplify the processes and streamline the negotiation time frames.”

Previously in last December, BBVA had already announced the closing of a €150 million ($169 million) loan on blockchain, which was claimed as BBVA’s first blockchain-based loans deal with a non-Spanish borrower, as Cointelegraph reported on Dec. 14.

As Cointelegraph reported on Nov. 22, two major Spanish banks — BBVA and Banco Santander — joined the European Union International Association for Trusted Blockchain Applications, which aims to develop E.U. blockchain regulation along with preparing for the launch of E.U.-wide blockchain applications.

Santander Enters $700 Million Deal to Use IBM’s Tech, Including Blockchain

One of Europe’s largest banks, Banco Santander, and tech giant IBM have announced an agreement to accelerate the bank’s development of technologies such as blockchain. The news was announced in a press release published on Feb. 13. The five-year global technology agreement is reportedly aimed at enhancing the financial institution’s services using emerging technologies —…

One of Europe’s largest banks, Banco Santander, and tech giant IBM have announced an agreement to accelerate the bank’s development of technologies such as blockchain. The news was announced in a press release published on Feb. 13.

The five-year global technology agreement is reportedly aimed at enhancing the financial institution’s services using emerging technologies — such as blockchain, artificial intelligence and big data — provided by IBM.

The deal between IBM and the largest financial and credit group in Spain is reportedly valued at approximately $700 million. The move aims to reduce the bank’s annual costs on IT spending and “significantly enable Santander Group to evolve towards the open, flexible and modern IT environment it requires,” the press release notes.

David Soto, IBM General Manager for Santander Group, was quoted in the press release as saying:

“Santander Group is leveraging IBM technologies to support their security and regulatory work, and to rapidly develop new services that meet emerging customer demand by tapping into IBM’s unique technology and industry expertise.”

As Cointelegraph reported last summer, Banco Santander created a blockchain research team, dubbed the “Digital Investment Banking” team, to explore the potential of blockchain tech to change securities trading and other financial instruments.

As Cointelegraph reported this week, IBM recently partnered with pharmaceutical company Boehringer Ingelheim to deploy blockchain in clinical recordkeeping.

Bank of Spain Warns Citizens Against Crypto Given Lack of Local Regulations

Spain’s central bank has issued a reminder to citizens warning of the risks involved in transacting unregulated cryptocurrencies. The Bank of Spain’s notice, issued Feb. 10, followed an official blog post published two days earlier, which had outlined the institution’s stance on cryptocurrencies, their characteristics, and their legal status in Spain and the wider European…

Spain’s central bank has issued a reminder to citizens warning of the risks involved in transacting unregulated cryptocurrencies. The Bank of Spain’s notice, issued Feb. 10, followed an official blog post published two days earlier, which had outlined the institution’s stance on cryptocurrencies, their characteristics, and their legal status in Spain and the wider European Union.

Both documents underscore the fact that Spain has not yet passed any legislation in regard to cryptocurrency, and that crypto exchange platforms and other companies in the sector are thus neither supervised not authorized by the central bank. Crypto platforms also do not carry the protections of national deposit guarantee systems such as Spain’s Deposit Guarantee Fund, the bank states.

The institution starkly warns that in cases where crypto is used for purchases of goods and services, it would be an “impossible mission” for a consumer to claim their rights should anything go awry with the payment or purchased product.

Claiming that no state has yet conferred the status of legal tender on the new asset class, the central bank recalls that its governor, Pablo Hernández de Cos, has categorically determined that crypto “cannot replace money and is not a means of payment or common exchange.”

The governor has reportedly gone so far as to dismiss the term “cryptocurrency” itself as being too equivocal, proposing that it should be replaced by the term virtual currency or crypto asset.

The Spanish central bank goes on to note the evolving — but still not unanimous — definition of crypto in the EU. The bank cites a 2015 Directive that deems crypto to be a digital representation of value without central bank or public authority issuance, and which does not have the status of legal tender. The Directive also reportedly notes that crypto can nonetheless be exchanged and transacted between natural persons or legal entities.  

While conceding the notable recent growth of the crypto sector, both documents underscore the purported high volatility, cybersecurity risks and weak consumer rights associated with the industry.  

As reported in December, Spain’s ruling party, Partido Popular (PP), announced it was working to introduce a draft bill on crypto and blockchain regulation. The move is intended to provide some degree of certainty for investors, and even indicated the party is considering the introduction of tax cuts to encourage domestic blockchain innovation.

The country’s market regulators nonetheless continue to uphold a cautious stance, with the National Securities Market Commission adding 23 unauthorized forex and crypto-related entities to its warning list last month.

Crypto World Cup Day 12: Brad Garlinghouse vs. CryptoYoda

Well, that’s it, folks! Day 12 of the Crypto World Cup has concluded, and the competition is heating up.  Monday’s matches saw Brad Garlinghouse shut out CryptoYoda, putting the Ripple CEO at 9 points. We also saw David Sønstebø defeat Erik Voorhees in injury time, a cruel end to a game that favored Voorhees. Next, Tim Draper…

Brad Garlinghouse

Well, that’s it, folks! Day 12 of the Crypto World Cup has concluded, and the competition is heating up. 

Monday’s matches saw Brad Garlinghouse shut out CryptoYoda, putting the Ripple CEO at 9 points. We also saw David Sønstebø defeat Erik Voorhees in injury time, a cruel end to a game that favored Voorhees. Next, Tim Draper and John McAfee faced off in a mediocre game. The day ended with Tyler Winklevoss playing Zhao Changpeng. The game ended in a tie. 

If you’re behind in our Crypto World Cup, you can meet all the …

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Crypto World Cup Day 2: John McAfee vs. Tyler Winklevoss

Day 1 of the Crypto World cup has concluded, and Day 2 is officially underway! Day 2 of the Crypto World Cup has three matches and the competition is fierce. If you’ve missed it, don’t forget to meet the players for all of our upcoming matches. Today’s matches include: Match 1: Brad Garlinghouse: Uruguay vs. Eric…

Crypto World Cup

Day 1 of the Crypto World cup has concluded, and Day 2 is officially underway! Day 2 of the Crypto World Cup has three matches and the competition is fierce.

If you’ve missed it, don’t forget to meet the players for all of our upcoming matches.

Today’s matches include:

Match 1: Brad Garlinghouse: Uruguay vs. Eric Voorhees: Egypt

Match 2: Zhao Changpeng: Morocco vs. Tim Draper: Iran

Match 3: Tyler Winklevoss: Spain vs. John McAfee: Portugal

Who will take home the W today? We shall soon …

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.