A Spanish Lawmaker Proposes Making Spain a Bitcoin Mining Mecca

A politician from a center-right party has proposed that Spain lure miners away from protest-plagued areas. Kazakhstan

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

She cites the fact that the worldwide hash rate fell 14% in only two days as a result of the turbulence in the world’s second-largest mining centre.

Additionally, the analyst connects the current Bitcoin price decline to the unrest in Kazakhstan. The flagship cryptocurrency fell to as low as $40,600 earlier today on the Bitstamp platform.

Munoz presented three questions, requesting a written response. She enquires whether the government is aware of the impact of the recent global hashrate decline on the cryptocurrency industry in Spain, whether the government intends to attract cryptocurrency miners who may be forced to flee Kazakhstan due to internet blackouts, and whether there is information available about the energy efficiency of the local Bitcoin mining industry.

Citizens recommended last year the creation of a national cryptocurrency policy, which would entail the development of a clear regulatory framework and the implementation of stringent compliance criteria. Its objective is to increase the safety of cryptocurrencies for ordinary investors while also establishing Spain as a leading crypto centre inside the European Union and on a worldwide scale. The government, on the other hand, has yet to evaluate the suggestion.

Munoz’s most recent remark drew harsh criticism on Twitter. Ernest Urtasun, a European Parliament member, called her new attempt “a horrible joke,” stating that Bitcoin mining is environmentally destructive.

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