There was a time when the cryptocurrency industry was just numbers on a person’s computer or laptop. The cryptocurrencies were being mined but no one really knew exactly what they were mining them for. That is when the first cryptocurrency exchange showed up back in 2011 and the crypto-verse’s fate took a new turn.
The year 2011 turned out to be the turning moment for the entire cryptocurrency industry. That was the time when cryptocurrencies were finally worth something in the online trading market. That is when the online trading industry inducted cryptocurrencies as an online trading asset.
Soon, people were able to trade them, exchange them, and even sell them to make profits. Then the cryptocurrency industry took flight and started demonstrating a gradual trend. Despite a slow climb, the cryptocurrency industry continued growing until 2020.
It was the year 2020, when the cryptocurrency industry, as well as the global community, got to know the reality of cryptocurrencies. The world realized why cryptocurrencies were important and what importance they carried with them.
Not only the online trading industry but countries from all over the world soon realized the importance of having digital currencies on board. Since 2020, the cryptocurrency industry has played an important role in boosting the economy in so many ways.
Many companies have invested billions in cryptocurrencies and they continue doing so looking at the promising nature of cryptocurrencies. Despite the recent downfall, the overall performance of the cryptocurrency industry since late 2020 has been bullish.
The countries are now legalizing cryptocurrencies so they can start imposing taxes on the sector. The reason behind the move is because the cryptocurrency industry has the potential of generating billions of dollars in revenues for countries.
This is exactly what the government of Spain is well aware of and it is determined to impose and generate all the revenues it can through cryptocurrencies. Although the majority of the cryptocurrency community is not approving it and are calling it a controversial law, yet the Spanish parliament seems unified on it.
The latest reports suggest that the Spanish parliament has just passed a new law pertaining to cryptocurrencies. The new law states that the citizens of Spain with cryptocurrencies held overseas will be required to report them.
The reports have confirmed that the new cryptocurrency law received a unanimous vote from the members of the Spanish parliament. Bypassing the new crypto law, the government of Spain has confirmed how it aims to deal with cryptocurrencies in the coming run.
Their aim is to take control of the cryptocurrency sector and ensure it never parts from them. They are focused on making sure that the cryptocurrency industry never becomes an unregulated entity in the country.