During the first«Tardeo Tecnológico» organised by Espaitec, which is a set of business encounters to present technological novelties and innovative projects, Santos Gutiérrez, the Product Manager of Bit2Me, explained the basic concepts and legal/tax aspects to bear in mind when setting up cryptocurrency in businesses
Espaitec organised on Tuesday the first Tardeo Tecnológico, a novel format in which to present innovative projects by means of «technological pills» with InnoBar, this Park’s networking beer activity. According to Juan Antonio Bertolín, the Director of Espaitec, the objective of Tardeo Tecnológico is «to share with the Castellón business fabric the technological and innovative novelties that are being developed to generate a space for discussion and to facilitate the creation of synergies among those attending».
Santos Gutiérrez participated as a speaker in this first Tardeo Tecnológico. He is the Product Manager of Bit2Me, the first cryptocurrency platform recognised by the Bank of Spain after being registered as a supplier of services to exchange virtual money to fiduciary money, and as a custody for electronic wallets. The aim of the session was how cryptocurrencies can be integrated into firms, and its advantages and the legal/tax aspects to bear in mind when incorporating them into organisations.
Basic concepts
To know the basis of how virtual currencies works, Santos Gutiérrez explained what blockchain is; that is, a public record book with a list of all verified transactions to avoid repeating expenses and forges when cryptographically recording every transaction. He also defined what a wallet is: software or hardware that allows cryptocurrencies and tokens to be stored, plus other concepts like cryptography, block, networks, mining, hash, among others.
Advantages and disadvantages
During this session, the speaker also made known the advantages for a company when it sets up cryptocurrencies in its financial system, such as level of security as they are encrypted operations and, due to the level of cryptocurrencies’ traceability, companies can know the origin of a fund. Other benefits to take into account are rapid transactions with short verification times, which can sometimes be 0.004 seconds, and few commissions for buying-selling transactions.
Santos Gutiérrez also explained the legal-tax aspects to bear in mind, such as the volatility of some cryptocurrencies because their market value will depend on the context; he explained stablecoins, which are cryptocurrencies whose volatility is minimal because their value is stable. The speaker also pointed out its incipient market regulation because it has recently emerged, and the responsibility that using cryptocurrencies entails, especially when users opt for self-custody because it required having considerable knowledge.
To end this event, the Product Manager of Bit2Me explained step by step how the attendees can make their first cryptocurrency purchase with his firm’s mobile application.
InnoBar
At the end of «technological pill» about how to integrate cryptocurrencies into a firm, the first InnoBar of 2022 was opened for those who personally attended the session, which is Espaitec’s networking beer activity, set up to share knowledge, experiences and to create synergies.
This initiative is supported by the Regional Ministry of Innovation, Universities, Science and Digital Society of the Generalitat Valenciana and it aims to encourage innovative ideas and to present technological novelties among Espaitec-linked companies, the university community of the Universitat Jaume I and the business fabric in the Castellón Province.
