• A Spanish lawmaker proposes that Spain become a Bitcoin mining hub

  • Maria Munoz, a member of the Congress of Deputies from the center-right Citizens party, has advocated establishing Spain a safe haven for cryptocurrency investors in the wake of protests in Kazakhstan that have harmed the Bitcoin mining business.

    She cites the fact that the worldwide hash rate dropped 14 percent in just two days as a result of the unrest in the world’s second-largest mining hub.

    The current Bitcoin price dip, according to the analyst, is also due to the unrest in Kazakhstan. On the Bitstamp platform earlier today, the flagship cryptocurrency fell as low as $40,600.

    Munoz offered three questions, each with a request for a written response. She wonders if the government is aware of the impact that the recent drop in global hashrate has had on the cryptocurrency industry in Spain, if the government intends to attract cryptocurrency miners who may be forced to flee due to internet blackouts in Kazakhstan, and if there is information available about how energy efficient the local Bitcoin mining industry is.

    Citizens recommended last year the development of a national cryptocurrency policy, which would entail the development of a transparent regulatory framework and the implementation of stringent compliance criteria. Its goal is to make cryptocurrencies safer for ordinary investors in the midst of their growing popularity, while also placing Spain as one of the top crypto hubs in the European Union and globally. However, the suggestion has yet to be considered by the administration.

    Munoz’s most recent remark drew harsh criticism on Twitter. A member of the European Parliament, Ernest Urtasun, called her recent initiative a “terrible joke,” alleging that Bitcoin mining is harmful to the environment.

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