Man who ‘lost everything’ in cryptocurrency complains to ombudsman

The agency recognizes that they have become the “new issue” for 2021.

​The Ombudsman assures that cryptocurrency is a ‘new problem’ to be revealed in 2021. It has received complaints from citizens who invested their savings due to a strong revaluation, even though they ended up ‘losing everything they invested’.​

In its annual report, the Ombudsman informed these citizens that Spain has not yet approved any regulations on cryptocurrencies. “As a result, cryptocurrency exchange companies or platforms are not regulated by the legal system, they are not subject to any system of public oversight, and they cannot benefit from the deposit guarantee system,” said the agency’s owner, Angel Gabilondo.

Therefore, the National Securities Market Commission (CNMV) and the Bank of Spain sent them a joint statement on the matter on February 8, 2018 for further information.

In fact, last Thursday, March 17, European financial system regulators (EBA, ESMA and Eiopa) issued a statement warning that cryptoassets are unsuitable as an investment or means of payment for most retail consumers.

In addition, they warned about the risks involved in these investments, including possible misleading advertising via social networks and “influencers”.

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