Buenaventura affirmed that digitization brought layers of the Spanish population closer to the financial system. The CNMV prepares a statement regarding the regulation of advertising in cryptocurrencies.
The president of the Spanish National Securities Market Commission (CNMV), Rodrigo Buenaventura, suggested public figures and influencers in his country promote “responsible” investment in cryptocurrencies, with the intention of preventing those who want to be part of the ecosystem to get scammed.
Buenaventura said, during the closing ceremony of the Financial Education Day that took place at the headquarters of the Bank of Spain that there must be a collective responsibility as a society, including people who encourage the use of cryptocurrencies as a method of investment, such as influencers or public figures.
There must be a responsibility to prevent investors from falling into the wrong or even fraudulent offers. The commission representative also acknowledges that digitization has brought strata of the population closer to the financial system, especially those citizens who previously had zero interest or means to participate.
The representative also assured that digitization has generated a proliferation of new financial risks and that cryptocurrencies have turned into an «investment phenomenon», with the greater aim at certain segments of the Spanish population.
Therefore, the economist also invited the entities and institutions that take part in the financial education of the Spanish, as well as the citizens themselves who use crypto assets; to work towards a healthy use of these currencies to avoid every possible danger.
The CNMV is already preparing a statement regarding the regulation of advertising in cryptocurrencies that expects to get published very soon. This activity needs to become responsible before the regulation reaches its end in the Old Continent.
Regulation has been a matter of discussion in Spain before. In August, the CNMV warned of 12 unregistered entities that were offering bitcoin (BTC) investment and trading services.
Through a statement, the CNMV highlighted that the platforms are not following the regulation policies imposed by them and that they are not authorized to set their activities in Spain.
CNMV Encourages Financial Education in Spain
Rodrigo Buenaventura also highlighted that a trained and studied investor is a protected investor. He points out that a careful investment requires the work of several actors and not only of some institutions.
Therefore, the representative also welcomed that the Ministry of Economic Affairs of Spain becomes part of the agreement (13 years ago) between the Bank of Spain and the CNMV.
The agreement seeks, precisely, to promote financial education. In this sense, he announced that a new education plan would appear in the coming weeks or months.
This institutional or political support is as vital as the support of civil society and organizations that play a role in the dissemination of financial education content, according to the representative
Buenaventura ended up his dissertation by highlighting that financial education programs must change and even adapt to the world and finance as a whole.
By: Jenson Nuñez