Spain’s biggest retailer enters crypto game

El Corte Inglés has become the latest retailer to look into cryptocurrencies and digital assets.

The company, which is the world’s third biggest retailer, is moving ahead with plans to launch a dedicated crypto exchange.

Cryptocurrencies are not as popular in Spain and regulatory scrutiny is thin. However, El Cortes Inglés believes that the time to act is now, following the example of other traditional companies, including AT&T, Overstock.com and Starbucks.

Details about the move have been scant with the retail giant confirming that more information will be forthcoming as soon as it’s available.

Accepting crypto or seeking to have presence in this industry signals to regulators that mainstream companies are no longer afraid of the unregulated status of the industry and would rather see legislators move quicker.

The European Union is already working on several plans to integrate cryptocurrencies and digital assets, citing fears for stablecoins as a disruptor that may impact economies too seriously to be ignored.

The Bank of England is also looking to regulate gambling in the UK and the country’s central bank has already pitched several proposals how this could happen.

Across the Atlantic, the US is also pushing ahead with a bid to regulate and understand crypto assets better.

President Joe Biden signed an executive order that urged federal agencies to come together and work out a regulatory framework for crypto as adoption among young American adults have been increasing.

While El Cortes Inglés figures out the details of its cryptocurrency exchange product, you may head over to some of the best gaming sites, including Bitcasino, 1xBit or FortuneJack and spend your crypto there.

Source

Updated: 03/30/2022 — 12:00