Among the highlighted news of the day is the bill in Spain to regulate cryptos. As well as the statements of the governor of the Bank of England, which continues to affirm that Bitcoin and cryptocurrencies have “little intrinsic value.” Learn more here.
Spain works on a bill to regulate cryptocurrencies
Spanish cryptocurrency users will soon have to disclose their holdings to the country’s tax agency.
According to government spokeswoman María Jesús Montero, on Tuesday, the Spanish government is drafting legislation that would force cryptocurrency holders to disclose their holdings and any benefits if approved. Likewise, the Council of Ministers gave the green light to the new anti-fraud law to limit the use of cash and control technology firms.
Likewise, the legislation talks about greater control of cryptocurrencies that will establish new information obligations on operations with virtual currencies. No further details were given of how the procedure will be.
The Governor of the Bank of England continues to claim that Bitcoin and cryptocurrencies have ‘little intrinsic value’
Continuing with the latest crypto news, the position of the Governor of the Bank of England, Andrew Bailey, on cryptocurrencies was known. It has apparently not changed despite the economic fallout from the pandemic in the UK.
According to a report on October 12, Bailey spoke at a Bank of England, or BoE, question and answer session with members of the UK public on Monday. At the time, he stated that he was “very nervous” about people using Bitcoin (BTC) for payments. The governor said people should consider asset volatility when it comes time to invest.
“I have to be honest, it’s hard to see that Bitcoin has what we usually call intrinsic value,” Bailey said. “It can have extrinsic value in the sense that people want it.”
Coinbase Wallet users can now purchase cryptocurrencies within the app
On Monday afternoon, the company announced that Coinbase Wallet users would now have a fiat entry ramp within the wallet itself.
Previously, users who had their cryptocurrencies in the self-custody wallet would have to buy crypto on the Coinbase app (or elsewhere) and then send funds to the Coinbase Wallet. This meant that people trying to use, say, a DeFi protocol would have to install two separate apps to get started.
Now users can buy cryptocurrencies from the Coinbase Wallet without directly touching the Coinbase.com exchange. Users will now see a “buy or transfer” option on the Wallet home screen:
«Wallet allows users from all over the world to store their own cryptocurrencies. And, use popular dapps like Compound and Uniswap, ”Coinbase wrote in a blog post.
“However, until now, anyone new to cryptocurrency had to buy their first cryptocurrency on an exchange and then manually transfer it to their Wallet apps.”
Bank of Russia considers issuing digital rubles and launches public consultations
We ended the latest crypto news of the day with an advisory report, which was issued by the Russian central bank, in it, it said that it does not see the digital ruble as a replacement for rubles in cash or not in cash, but as a supplement.
The central bank, saying that it has not yet decided to issue a CBDC, will hold a public consultation period on the matter, saying that it considers it vital to discuss key aspects, advantages, possible risks, stages and timing of the project “with the financial sector, the community of experts, as well as with all interested parties. ‘