The Bank of Spain’s spring 2022 financial report has a special on digital assets. He assures that the equivalent of 1,275 euros per inhabitant invested in crypto in Spain.
Interest in investing in digital assets in Spain has been increasing recently, especially during the pandemic. A report led by the Bank of Spain, the country’s central bank, confirms this news.
In the special on digital assets of the Spring 2022 Financial Stability Report, the institution highlights a vast number of crypto adopters. Around 60,000 million euros is the volume of operations made with this type of asset in 2021 only in Spain.
Likewise, the figure relies on 4.8% of the nation’s GDP and 2.7% of all financial assets that saw a movement in 2021 in Spain. The report also added that this investment is not different from other nations in the European Continent. Spain is the fifth European region with the most crypto investment, after the United Kingdom, France, Germany, and the Netherlands.
The bank also highlights that the amount of investment in Bitcoin and crypto is not significant enough. The stock market moved a volume six times higher. But the curious thing is that while crypto investment keeps reaching high peaks, the sale of shares in Spain crumbled down by almost 12% last year.
More Data
Likewise, the bank refers to the Finder Crypto Asset Adoption Index, which conducts a periodic survey in 27 countries, and calculates that 12% of adults in Spain have invested in crypto. This figure was revealed and showed that these investors were taking significant risks.
The current report presented that 12% of adults in Spain currently own crypto assets, 13% in the case of men and 10% in that for women. At the same time, ownership would be higher for the youngest, the age group between 18 and 24 years, which has the most increased adoption percentage.
On the other hand, the Bank of Spain confirmed that the percentage of these operations aimed at illegal behavior is quite low, with only 1% in Spain between July 2020 and June 2021.
The entity warns that it may be due to how these figures get measured, as Chainalysis only detects complaints that have reached the authorities and been made public.
Europe Over North America
Also, according to the report, Europe would overtake North America in global trading. While Europe accounts for 25% of all international trading, North America accounts for 18%.
This subsequent rise leads the Bank of Spain to require official statistics on the subject to improve. The constant evolution of the use and acquisition of digital assets in the European nation and the related risks they may carry send red flags to entities for considering and monitoring the situation from a financial stability perspective.
By: Jenson Nuñez
