A politician in Spain wants the country to emerge as a hub for crypto mining as the industry looks for alternatives. Maria Munoz has written a letter to the Congress about how Spain could accommodate the crypto miners turning away from Kazakhstan and the positive impact it could have on the country’s economy.
She has also inquired about the growth of the cryptocurrency sector in Spain and the energy used for mining. Munoz, a member of the Ciudadanos party, is a crypto enthusiast. She was part of the team that designed a national strategy for the cryptocurrency sector in Spain.
Munoz has time and again called for a clear framework and possible regulation to attract investors and protect citizens. She believes that now is the right time for Spain to make headway as the civilian unrest has hit in Kazakhstan has hit the industry. The lawmaker said the global hash rate plunged 14% within just two days of the unrest. And Kazakhstan is the world’s second-biggest crypto mining hub.
She proposed for Spain to position itself as a crypto-friendly and safe destination for the cryptocurrency industry. Munoz urged fellow lawmakers to help develop a flexible, efficient, and safe sector. Cryptocurrency is a booming industry but governments are turning their backs to it because it is an energy-intensive sector and lacks regulation.
But enthusiasts like Munoz have noted the positives of cryptocurrencies. It is cost-effective, a great guard against inflation, and a secure way to make payments, especially international transactions. Some of the crypto-friendly countries in the world are Germany, Malta, Estonia and Luxembourg among others.