How Spaniards and Other Europeans Use Cryptocurrencies


How Spaniards and other Europeans use cryptocurrencies. Image: Nenad Stojkovic, CC BY 2.0 via Wikimedia Commons

On April 26, the Bank of Spain released a report detailing how Spaniards and other Europeans have used cryptocurrencies over the past year.

The Bank of Spain report on how Spaniards and other Europeans use cryptocurrencies concludes that Europeans prefer to use decentralized services and unbacked crypto-assets such as Bitcoin and Ethereum, probably because there is less chance of tracing transactions.

According to the Central Bank of Spain, more and more money is being spent in euros using cryptocurrency and during the period under review, with a total of 845 billion euros, it is now considerably higher than in Canada and the United States.

A startling statistic revealed that contrary to popular opinion, only 1% of transactions appeared to involve illegal activity.

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