Milestone in cryptocurrencies in Spain: The Bank of Spain recognizes the first platform, Bit2Me

Digital currency or digital money on the Internet is a means of exchange other than real money that has properties similar to physical currencies and allows instant transactions and transfer of property without borders. They can be used to purchase physical goods and services, although they can also be restricted to certain communities such as within a social network or online games.

Digital currencies like bitcoin are known as ‘decentralized digital currencies’, meaning that there is no central point controlling the money supply. But without a doubt they are opening more and more step in the current technological -and labor, and commercial- reality.

Bit2Me

Due precisely to their decentralized nature, they are not to the liking of the Banks of the world. But lo and behold, today history has been made of cryptocurrencies in Spain, since the Bank of Spain has announced the recognition of its first cryptocurrency platform, Bit2Mewhich from today is “Provider of virtual currency exchange services for fiduciary currency and custody of electronic wallets.

The Bank of Spain enabled this new registry at the end of October, whose creation is included in an additional provision of Law 10/2010, of April 28, on the prevention of money laundering and the financing of terrorism.

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How does it work?

  1. You submit your application so that the entity officially recognizes you as a cryptocurrency platform
  2. The Bank of Spain has a period of three months to resolve the reception and register or not the company in the registry.

Enrollment in this is conditional on:

  • That suppliers have adequate procedures and bodies for the prevention of money laundering and financing of terrorism
  • The requirements of commercial and professional honorability are met.

With this recognition, the Bank of Spain considers that Bit2Me complies with the regulations for the Prevention of Money Laundering and “with the commercial and professional honorability requirements established for credit entities”.

The first cryptocurrency platform in Spain

Bit2Me offers its services in more than 100 countries and recorded a transaction volume of more than 1,100 million euros in 2021. And according to the CEO of the company, Leif Ferreira, for them the recognition of the Bank of Spain is “a boost to our trade relations. Being the first company in the world to achieve this recognition speaks for itself about the security with which our service is developed and the trust in Bit2Me”.

There is no doubt that for the business and sector of digital currencies such as Bitcoin, Ethereum, Litecoin and company, this recognition by a financial institution such as the Bank of Spain is a milestone.

Will we see cryptocurrencies being adopted en masse and living side by side with real currencies in the medium-term future? Or is its decentralized nature still an impediment?