It’s something crypto holders have always wanted – to be able to pay utility bills and buy stuff with bitcoin and crypto. Spain, where the legal status of cryptocurrencies is not clearly set up, has taken a step forward, with its largest telecom company Telefónica allowing customers to pay bills in bitcoin.

Telefónica has partnered with the bitcoin exchange Bit2Me, and has even invested in the venture. The payment feature will go live soon on the marketplace of the exchange.

Cryptocurrency is not treated as legal tender in Spain as per Global Legal Insights. Crypto mining is however allowed. As per Bit2Me website, the legal status of cryptocurrencies is not clear, and bitcoin can still be used, while there are taxes to be paid for cryptocurrency transactions. Binance has recently set up a subsidiary, Moon Tech Spain, which is registered with Bank of Spain.

Payment in bitcoin on Telefónica will carry some limit conditions ($200-$500). The payment will be auto converted to Euro in real-time and then sent to Telefónica.

Spain has been adopting crypto for its investment potential, and a recent survey in 2022 reveals that around 6.8% of the population has owned digital assets at some point. Crypto mining is allowed in Spain, and businesses can register to comply with AML rules. The EU norms for crypto will take some time to go into force, perhaps a few years.

Kazakhstan makes buying Bitcoin legal

As part of a pilot project, Kazakhstan has made it legal to buy cryptocurrencies with local money. The President of Kazakhstan said he was hopeful of seeing all digital assets gaining the same recognition if the demand is good. The pilot project is to check various aspects of demand and security.

The pilot project is running at the Astana International Financial Center. Other aspects under observation are exchange accounts and their interactions with banks.

Banks are investing in crypto

Nubank is the largest digital bank in Brazil. The bank recently revealed that it has built a portfolio of over 1.8 million crypto owners in less than three months.

According to a report from the Bank of International Settlements, the total cryptocurrency owned by the largest banks in the world could amount to around $9 billion.

The world’s largest banks hold $9 BILLION worth of #Bitcoin and crypto – Bank of International Settlements.

JUST IN: The world’s largest banks hold $9 BILLION worth of #Bitcoin and crypto – Bank of International Settlements 👀

— Bitcoin Magazine (@BitcoinMagazine) September 30, 2022

Sources:

https://bitcoinmagazine.com/business/spains-telef%C3%B3nica-begins-accepting-bitcoin-crypto-payments

https://bitcoinmagazine.com/legal/kazakhstan-completes-first-crypto-purchase-with-local-currency

https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/spain