Not everything that goes viral regarding economic or financial regulation on social media is true. A recent post claimed that Spanish citizens would have to report cash withdrawals of over €3,000 in advance to the tax agency, according to an undetermined regulation.

The post also warned that fines for up to €150,000 could be imposed on citizens who fail to announce these movements to the tax agency. The information caused an uproar, with cryptocurrency enthusiasts praising the advantages of digital assets and self-custody compared to fiat money and banks.

Nonetheless, Spanish cryptocurrency and accounting experts debunked this information, noting that it was probably a mix-up of anti-money laundering (AML) regulations that banks must follow, but not common citizens.

Cris Carrascosa, CEO of ATH21 and a crypto/blockchain specialized attorney, said that the info divulged was so inaccurate, she did not know where to start correcting it.

On the issue, she declared:

I don’t know where this came from, but it’s totally incorrect. I’m the first Spanish-tax agency hater, but let’s get things straight.

Furthermore, she clarified that there was no obligation to report cash withdrawals, and no €150k penalty for not complying. “Countries all over the world have something called AML regulations that force banks to REPORT withdrawals from their clients, and YES these do have 150k penalties,” she stressed, clarifying these penalties might apply, but for banks.

In the same way, Jose Antonio Bravo, a Spanish tax expert, blasted the dubious details shared, noting that while he was a bitcoin fan, using fake news to promote it struck him as “profoundly stupid.” “And spreading it without checking it strikes me as an exercise in intelligence,” he concluded.

Read more: Spanish Tax Agency Puts Crypto in Its Sights for the Upcoming Tax Season

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