• In this country, young people prefer cryptocurrency investments to pension funds

  • According to a recent Chainalysis report, the world’s crypto economy is spread across Western Europe. According to data, $1 trillion in cryptocurrency was transferred to this region in the previous year. This amount accounts for nearly a quarter of all global crypto activity.

    Spain is one player to keep an eye on in the crypto economy. With a relatively high number of Bitcoin ATMs and more positive sentiments, the land of siestas may soon be a destination for crypto entrepreneurs.

    According to one survey

    Rebellion, a Spanish “neobank,” conducted a survey to learn more about how young Spaniards felt about the crypto scene. According to the findings, a subset of young investors preferred crypto investments over pension funds.

    According to a report translation,

    “At the moment, 21% of young people invest in cryptocurrencies, making them the most contracted investment product, followed by pension funds and deposits (19%).”

    The report also stated that 38% of young Spaniards aged 25 to 40 were considering investing in the cryptocurrency market in the near future.

    In terms of investor sentiment, the report stated,

    “The main barrier to investing in cryptocurrencies is trust, with 23% of people having negative feelings about it. 27 percent of those polled believe they are a “good investment,” another 27 percent believe they are “the future of payments,” and 17 percent say they know nothing about them.”

    It is important to note, however, that Rebellion does not consider itself to be a bank.

    What about the legal system?

    Apart from AML directives, Spain does not have any special laws governing virtual currencies. Additionally, there are provisions for a regulatory sandbox. Despite warnings from Spain’s securities regulator (CNMV) and the Bank of Spain about the risks of cryptocurrency, there is growing interest in neobanks and crypto trading.

    Taking a step back to look at the big picture

    Spain had 175 Bitcoin ATMs at the time of the last count, according to the Bitcoin ATM radar. This put it ahead of Switzerland, which had 131 ATMs, but behind El Salvador, which had 205. Furthermore, crypto acceptance has spread to other industries. According to one report, the Innovation and Entrepreneur Business School (IEBS) in Spain provides online-only courses and accepts Bitcoin as payment.

    Sergio Cerro, the CEO of Rebellion, suggested that cryptocurrencies may be more widely considered in the future. He stated, according to a translated statement,

    “The world of payments is changing, and it is up to us to decide whether we want to be a part of it or not. It will only be a matter of time before large institutions and organizations accept them as payment.”

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