MADRID: The Spanish government has repeated that it has no intention of introducing regulations governing the use of bitcoin, the digital currency which could conceivably change the way we use money in the future, at least until the European Banking Authority decides its policy regarding the issue.
Bitcoin is gradually changing the way the world does business, and since it began life in 2009 as a cryptocurrency, or digital currency, it has gradually gained acceptance as a means of international payment. The European Banking Authority (EBA) has warned consumers that there are no consumer protection rules in place for those choosing to use Bitcoin, but due to its low merchant processing costs, its spread is now gaining both pace and acceptance.
Bitcoins can be both purchased and sold by companies and individuals and can now be purchased at a bitcoin ATM in exchange for a hard cash currency. In this way it is gradually gaining presence in major cities across the globe. Last September Madrid’s first bitcoin cashpoint machine was installed in the ABC Serrano shopping centre, and the currency is already used on over 100,000 websites and in thousands of stores worldwide.
