On August 27, at the time of writing these lines; there is going to be a big event Madrid about cryptocurrencies and metaverses. It will be at the Wizink Center (formerly known as Palacio de los Deportes de Vistalegre), called Mundo Crypto: Metaverse Day.
Much of his notoriety outside of the cryptocurrency lover's sphere is that he advertised with several unrelated celebrities around the world. Specifically, the presenter Cristina Pedroche, the presenter of La roulette de la Suerte, Jorge Fernández in the role of presenters; the actors Macarena Gómez and Pablo Chiapella from the television series “The One That Hails” as special guests, and concerts by Maikel Delacalle. Among the agenda was a round table of “Economy, Cryptocurrencies and Metaverse” with Daniel Lacalle, Juan Ramón Rallo, Pablo Gil and Pilar Troncoso.
Controversy with the guests of Mundo Crypto
Shortly after the guests were announced, many critics have come out about the actors and presenters who have been hired. From an ethical point of view, they have criticized the use of relevant personalities to promote high-risk investment products. Especially cryptocurrencies that do not function as normal investment goods or services, and their value is especially volatile, a criticism that has gone through the vast majority of central banks. Criticism is above all by the public they have as a base, away from the world of cryptocurrencies.
From the legal point of view, a short video of the YouTuber Ley y Desorden, disseminator of legal analysis; explained the problem with her collaboration. She commented that none of the guests is validated by the National Securities Market Commission. Cryptocurrencies are an investment asset and the Cryptocurrency advertising is regulated in Spain since the month of February. The regulation of advertising cryptocurrencies as investment products indicates that cryptocurrency advertising can only be exercised by accredited persons by said National Securities Market Commission. This means that none of the announced guests, having no knowledge of investment products or cryptocurrencies, or at least not being known for it; cannot be representatives of an event focused on investment products, whose advertising is highly regulated.
Fall of a major sponsor
While not a well-known media face and influencer, Coca-Cola was one of the official sponsors and collaborators. The soft drink company I already had projects related to NFTs and metaverses for years, generally to ensure their presence in such environments. As complaints emerged about the use of these famous faces for this event, Cocoa-Cola has withdrawn its collaboration and sponsorship.
Mundo Crypto is not licensed to advise on financial products
The National Securities Market Commission has the organizing company, Crypto World, on its gray list. Being on that list means they believe may be raising funds or providing financial services without permission. Nor have they been registered, something important, because courses and professional advice on investment products are being carried out. Other collaborating companies such as Bybit and Huobi have already received warnings for not having such permission either.
Another warning that has come out is that the ads promise that you can invest and earn a lot of money. This would conflict with one of the rules of the regularization of cryptocurrency advertising. The regulation indicates that your risk should be openly mentioned so as not to imply that they are safe investments.
Free tickets to attend Mundo Crypto Metaverse Day are not free
Apart from the use of media stars to promote cryptocurrencies, FACUA has brought a complaint about the fact that the free tickets that Mundo Crypto promotes for its Metaverse Day event are not really free. Although they advertise that they are free, you have to pay an amount of 47 euros to have your face-to-face ticket and enter the WiZink Center. On the web they state that it is a deposit and that it will be returned as soon as it is verified that the ticket has been used, minus the management fees.
This means that if for some reason you cannot attend the event, you will lose those 47 euros. if you go, you will not receive a part of those 47 euros due to management fees that have not been indicated. Then there is the fact that it is a bail bond and is advertised as something free. Finally, they also criticize that there is no guarantee that the deposit will be returned.
On the other hand, there was criticism that 100 euros were charged for virtual assistance so that the viewing link was then shared publicly.
Another of FACUA's complaints is that entry is allowed to minors who are over 14 years old. They can enter without having to be accompanied by their parents or legal guardians. This is something that could be in opposition to various regulations of the National Securities Market Commission, which would regulate that investment products cannot be accessed by minors.
Not all the guests of Mundo Crypto Metaverse Day blindly support cryptocurrencies
Although one of the key points of the event is to have economists at a table on cryptocurrencies, some have declared that They will come precisely to warn the public of their risks.
I am going to participate in a table as an expert who has warned on dozens of occasions, articles and interviews about the risk, volatility and evidence of non-regulation of crypto assets as a financial and investment asset.Daniel Lacalle
My position regarding crypto assets has always been the same: that no one without knowledge should invest in them (in general, as in any other asset, but especially in these because it is a new category in which many people have entered without criteria no experience). In fact, I am very skeptical about the future of most crypto assets. The fact that you do not have knowledge, of course, does not mean that you cannot acquire it by informing yourself and training yourself: but training must come first and investment only afterwards. This will be the central message of my speech and I do not see any incompatibility with the call for prudence and the information of the attendees made by the CNMV.Juan Ramon Rallo
Is Crypto World Metaverse Day going to go ahead?
In the absence of a definitive cancellation, the Crypto World Metaverse Day event is still on the way. Will be on Saturday, August 27 at 17:00 p.m. and will last until midnight. Several of the confirmed guests have announced that they will not attend, but several speakers remain and Cristina Pedroche as presenter.
What will be in the Crypto World Metaverse Day?
According to the event website, these are the speakers who will have a voice at the event:
- Daniel Lacalle, economist and investment manager
- Pillar Troncoso
- Juan Ramón Rallo, economist
- Pablo Gil, economist and trader
- Dania González, president of the Financial Commission and Deputy of the Legislative Assembly of the Republic of El Salvador
- Caleb Navarro, deputy of the Legislative Assembly of the Republic of El Salvador
- Héctor Sales, deputy of the Legislative Assembly of the Republic of El Salvador
- Oscar García, Deputy Deputy of the Legislative Assembly of the Republic of El Salvador
- Sasha Ivanov, CEO of Waves
- Sofía Miró-Sans, NFT/Metaverse Project Manager at Exclusible
- Michela Silvestri, Institutional Sales at Huobi Global
The website states that due to unforeseen events and last minute changes, they are updating the agenda.