The Spanish cryptocurrency project CryptoSolarTech, which promised to launch mining farms using solar energy, decided to reimburse all funds collected within the ICO to investors. The reason is that it did not manage to receive permits from the Spanish authorities.

Sun mining

The spanish IT lawyer Sergio Carrasco posted a CryptoSolarTech letter to its investors, in which the startup informed them about its decision to return all the funds raised during the ICO in 2018. CryptoSolarTech planned to build mining farms using solar energy in southern Spain, but, after several months of unsuccessful attempts, it was not still granted to build such a plant.

Money will be returned to investors within 60 days. CryptoSolarTech tokens, acquired after 19 February 2019, when it was decided to return the funds to investors, are not supposed to be reimbursed.

According to CoinMarketCap, within the last 24 hours, the CST tokens lost 85% of its value, with the trading volume of only $600 and a tiny capitalization of about $40,000.

CryptoSolarTech ICO took place in the summer of 2018. Within two months, the startup raised $68 million in cryptocurrencies.

Spain and cryptocurrencies

The position of the Spanish authorities towards cryptocurrencies in general is characterized by a positive approach. The digital currency issued by the regulator will increase the effectiveness of money flow control, while the blockchain technology could be used to manage interest rates without the need to issue paper money, a report published by the Central Bank of Spain (BDE) in August 2018 reads.

Also in July 2018, the Spanish ruling party, Partido Popular, prepared a draft bill focused on blockchain in government services and it is expected to be introduced in near future.

In October 2018, the Spanish Ministry of Finance ordered citizens to declare cryptocurrency assets. Finance Minister Maria Jesus Montero explained that all Spaniards with offshore deposits in fiat or cryptocurrency should indicate their holdings in their annual declarations to the Spain Agencia Tributaria.