Technological progress has enabled the development of new assets that aim at fulfilling the functions of money. Replacing traditional money (physical or digital) with these new assets could mean, among many other changes, extending at least part of the process of money creation beyond the current regulated framework. In this context, two complementary approaches emerge in the European Union: on the one hand, the regulation of markets of crypto-assets issued by private agents; on the other hand, the direct provision by the public sector of an alternative digital asset. The Spanish authorities have also reacted to the increasing relevance of cryptoassets, both from a supervisory and regulatory perspective.
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