Spain: 75% of people know crypto

According to a report commissioned by the National Commission of the Securities Market (CNMV) in Spain, 75.8% of people in the country know what they are talking about if crypto is mentioned.

The sample and the results of the interview

In drawing up the report, however, the sample surveyed consisted of only 1,500 people, whose knowledge on the subject of cryptocurrencies is minimal, with less than 10% – specifically 6.8% – of the total having actually bought this type of asset. And only 1.4% of people have true in-depth knowledge of the subject.

Those who have invested in crypto in Spain have invested less than 5% of their capital, roughly around €3,000.

Going into even more detail, 75.8% of people also count those who have only heard about cryptocurrencies, perhaps through hearsay, but without any real knowledge. In fact, of this 75.8%, 45% have only heard about it or read some news about it in passing.

On the other hand, as far as regulation is concerned, only 32% know how Spanish crypto laws work, 20% think they are already regulated, and 48% know nothing about them.

Another interesting fact in the report is about the average age of crypto investors in Spain, 35% are between 35 and 44 years old, and 66% are men. In general, these investors account for 43% are college-educated people.

Crypto in Spain

In late April, the Bank of Spain warned about the use of cryptocurrencies, stating that they could affect the nation’s financial stability.

In fact, the report a few months ago prepared by the Central Bank of Spain warned of the risks associated with the use of cryptocurrencies. As early as late February, Governor Hernandez da Cos had said that digital assets were very risky. 

Meanwhile, according to data from early January 2022, Spain is the first country in Europe and third in the world for crypto ATMs.

Moreover, a new regulation for influencers who advertise crypto was also introduced in Spain in January. Advertisers and companies that promote crypto assets will have to inform the public agency CNMV at least 10 days before launching advertising campaigns aimed at an audience of 100,000 people or more.

On the upside, in mid-February, Spain removed penalties for those holding Bitcoin and other cryptocurrencies abroad.