Spanish Deputy Suggests Spain Might Attract Kazakhstan Miners

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Key Takeaways:

  • Spanish Deputy Suggests Spain Might Attract Kazakhstan Miners.
  • María Muñoz, a Spanish Congress deputy, has written a letter to the institution inquiring about the possible actions that the government could take.  
Spanish Deputy Suggests Spain Might Attract Kazakhstan Miners
Spanish Deputy Suggests Spain Might Attract Kazakhstan Miners

María Muñoz, a Spanish Congress deputy, has written a letter to the institution inquiring about the possible actions the government could take to take advantage of the situation and absorb the business of bitcoin miners fleeing from Kazakhstan. The country, which is experiencing civil unrest and protests due to a fuel price increase, has also suspended internet access, affecting bitcoin miners who have settled in the country. This resulted in a drop in bitcoin hashrate, which according to some reports, fell by 12% due to these events.

María Muñoz uses this situation to inquire about the information that the Spanish government has on these developments and how they are affecting the cryptocurrency mining operations that are currently taking place in Spain. Furthermore, in the same letter, she inquires about the country’s growth in this sector and the energy used for this purpose on Spanish soil.

María Muñoz is not new to the cryptocurrency cause; she has been interested in the sector and its potential regulation in Spain since before the Kazakhstan situation. The deputy, a member of the Ciudadanos party’s liberal faction, was included in a law proposal last October to design a national strategy for the cryptocurrency sector, allowing them to establish a clear framework to attract investors and protect citizens from cryptocurrency fraud.

As convened in local media, the proposal revealed that, while cryptocurrencies experienced significant growth in Spain last year, there was no concrete institution to regulate the industry. As a result, citizens may have false expectations on this matter. In this regard, the party requested the creation of campaigns to educate citizens about the true nature of cryptocurrencies and the coordination of efforts to establish a coordinated cryptocurrency regulation with the European Union and cryptocurrency companies in Europe.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.