In a recent article, Gabriel Makhlouf, the Governor of the Spanish Central Bank, argued for a strict regulatory approach to the rapidly developing cryptocurrency sector.

Before Makhlouf released the above views, digital currencies had experienced a turbulent year known as the "cryptocurrency winter", with significant fluctuations and failures in the sales market, such as the collapse of the stable currency TerraUSD and the collapse of the cryptocurrency trading center FTX.

The Chairman of the Spanish Federal Reserve emphasized the need to adopt current policy actions to address risks related to the unregulated cryptocurrency sales market. He praised the European Parliament's approval of the "Regulations on the Management of the Cryptographic Property Market" (MiCA), which also sets prudent and consumer regulations for all EU encryption sectors.

Makhlouf identified the difference between "secured cryptocurrency" and "unsecured cryptocurrency". Although the central bank maintains an open-minded attitude towards' secured cryptocurrencies', such as virtual currency tokens (EMTs) and asset reference tokens (ARTs), which are subject to moderate reserves and control, it still expresses doubts about 'unsecured cryptocurrencies'. Makhlouf stated that purchasing "unsecured cryptocurrency" is equivalent to purchasing lottery tickets, and explained that there are higher risks associated with investment in such projects:

“My view is that there should be skepticism about the benefits of claiming 'unsecured cryptocurrency'. Choosing these products is likely to be similar to buying lottery tickets: you may win, but you may not. Not to mention, describing it as "project investment" is probably the most accurate use of this term in the Ponzi scheme.“

Although there are inherent risks, Makhlouf emphasizes the development potential of specialized tools for decentralized finance (DeFi), including blockchain and blockchain smart contracts, as a means of improving financing channels for small and medium-sized enterprises. He elaborated on the work of the European Regional System Software Center of the Bank for International Settlements (BIS) Independent Innovation Center, which has explored the formal application of DeFi and timely payment solutions.

Makhlouf's cautious view on cryptocurrencies reflects the Federal Reserve Chairman's more comprehensive concerns about the continued growth of digital currencies and their impact on financial security. He acknowledges the durability of cryptocurrencies, but urges international harmony to ensure that their supervision and regulation are commensurate with the risks they pose.

The mayor expressed concern about the radical and often false propaganda of the cryptocurrency industry, especially those who are influenced by the application of payment. He believes that similar rules are established in most financial systems, including methods for handling customer assets, disclosure, remediation, risk control, and data exchange.

Makhlouf ultimately elaborated on the important role of regulatory authorities in ensuring that technological innovation benefits the public and consumers. He promises to collaborate with stakeholders in global forums such as the European Union and the Financial Stability Board to establish a strict regulatory framework, promote a fair natural environment for competition, and prevent regulatory arbitrage.