PRViously on Crypto: El Corte Inglés has launched a cryptocurrency exchange for its clients
In a recent report, El Corte Inglés, one of the biggest Spanish retailers and wholesalers serving customers worldwide and the third-largest department store company in terms of sales, stated that it aspires to open its own cryptocurrency exchange in the future.
According to an El Confidential story published on March 24, the business has recruited Deloitte, one of the Big Four accounting firms, to assist it in developing a platform to provide the retailer’s 11 million-strong client base with a “new investment concept.”
After months of “internal debate on the suitability of venturing into this world of alternative investments,” the decision was reached. It includes the formation of a new company called Bitcor, which will allow clients to trade digital assets such as Bitcoin (BTC) and Ethereum (ETH), among other things (ETH).
For the purpose of providing “financial services, financial activities connected to currency exchange and currency trading,” Bitcor has previously been registered with the European Union Intellectual Property Office (EUIPO) and has been approved by the European Commission.
It’s worth noting that Spain, where El Corte Inglés is based, said earlier this year that it would begin officially regulating Bitcoin and other cryptocurrencies in December 2021, following the approval of the draft of the Comisión Nacional del Mercado de Valores (CNMV) by the council of state.
Some key financial personalities in Spain, including the governor of the Bank of Spain, Pablo Hernández de Cos, remain skeptical of cryptocurrencies, despite becoming increasingly popular. The cryptocurrency market, including its monitoring, regulation, and supervision, is under more control, according to a research published in late February by Finbold.
In Hernández de Cos’ opinion, such a move is essential for the country’s ability to deal with the dangers of the most popular cryptocurrencies as well as the decentralized finance (DeFi) sector.
More recently, the European Parliament’s Committee for Economic and Monetary Affairs decided against a ban on the Proof-of-Work (PoW) processes that underpin popular digital assets such as Bitcoin and Ethereum, as reported by the Financial Times. This prohibition would have effectively put an end to the use of such cryptocurrencies in the European Union if it had been implemented (EU).