Economists Call for Crypto Regulations to Protect Investors and Speed ​​Innovation

MADRID, 10 Mar. (EUROPA PRESS) -

The General Council of Economists (CGE) has called for cryptocurrency regulations to protect investors from fraud and scams, in a field in which bad practices are common, and to promote innovation with the development of blockchain technology, which would mean a "positive impact" on the economy.

It is one of the conclusions of the 'I Meeting of Young Economists' held this Friday in Madrid, organized by the CGE and which has had the participation of more than 200 economists under 40 years of age.

During the day, they also highlighted the lack of knowledge about the risks of this type of investment and the tax implications that they entail. In Spain, 4.4 million people invest in these assets, according to a study cited by the CGE of the Association of Financial Users (Asufin), of which more than 40% believe that they do not have to pay taxes on the profits obtained and the 28.4% recognize that they have to pay taxes for it.

In this sense, the CGE assures that, despite this number of investors, in the 2021 Income Campaign only around 35,200 declarations have incorporated profits derived from operations with crypto assets, for an amount of more than 759 million euros. For their part, in the Wealth Tax, 1,275 taxpayers have included a total of 911.9 million euros as the balance of their cryptocurrency portfolios.

For the general secretary of the General Council of Economists, Juan Carlos De Margarida, fraud and scams associated with cryptocurrencies are a reality that cannot be ignored. "Investors must be aware that fraudulent or misleading projects may exist, and that they must be extremely careful when making investment decisions," he said, after asking governments for "clear legal frameworks."