Spanish market regulator warns about cryptocurrency event

Category: Education/Family


Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. keep a close eye / kip ə kloʊs aɪ / (idiom) – to observe carefully, especially to track the progress of something

    The critics are keeping a close eye on how the administration will spend the country’s national budget.

  2. metaverse / ˈmɛt əˌvɜrs / (n.) – a digital space where users can interact with each other in a computer-generated environment

    Several tech companies are developing their own metaverse where their users can explore different virtual realities.

  3. arena / əˈri nə / (n.) – a large area that is surrounded by seats where sports, entertainment, or other public events take place

    The event in the city’s sports arena will be attended by 20,000 people.

  4. brainwash / ˈbreɪnˌwɒʃ / (v.) – to make someone think or behave in a specific way that will make that person unable to think or behave normally

    The group is accused of brainwashing students into leaving school and joining them.

  5. unregulated / ʌn ˈrɛɡ jʊˌleɪt ɪd / (adj.) – not guided by any regulations or laws

    If the game is unregulated, everyone would just do whatever they want and cheat to win.


Read the text below.

Spanish financial authorities kept a close eye on a major cryptocurrency metaverse event organized in Madrid on August 27.

The CNMV stock market regulator warned that neither the organizers of the event, Mundocrypto, nor the sponsors have authorization to provide investment services or gather funds.

The event at a Madrid concert arena was expected to draw 7,000 people. Spanish authorities and the CNMV said such gatherings are often aimed at luring people, especially youths, into investing in cryptocurrencies without full knowledge of the possible consequences.

Mundocrypto founder Mani Thawani, a Spaniard, has defended the event, arguing that it is for educational purposes and to guide people financially.

Mundocrypto describes itself as “world leader in crypto and blockchain education” and says 55,000 of its students have already become investors.

The CNMV says Mundocrypto is on its grey list of entities suspected of raising funds and providing financial services without permits.

Organizers say the show is aimed at unveiling new trends in the sector. Show business personalities and economists were also expected to take part. Two well-known television personalities pulled out of the event following the market regulator’s warning.

Earlier this year, a number of families complained to authorities that another cryptocurrency academy was brainwashing their children into spending their money on courses with promises they would become wealthy.

Investments in cryptocurrencies, such as bitcoins, have boomed in recent years, but in several cases, currencies have lost their value quickly, and people have lost their investments in what is an unregulated market.

This article was provided by The Associated Press.

Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • Do you think investing in cryptocurrency is worth the risk? What do you think people should consider before investing (ex. how much risk one is willing to take, how long they would like to invest)? Discuss.
  • In several cases, currencies have lost their value quickly and people have lost their investments in what is an unregulated market. Why do you think people still invest in cryptocurrency despite being unregulated (ex. faster and easier payments, no service fees)? Discuss.

Discussion B

  • Would you enroll in an online academy to study how to manage and/or grow your finances? Why or why not? Discuss.
  • In your opinion, should schools teach how to manage one’s budget, invest, start a business, etc.? Why or why not? Discuss.