spanish blockchain bill proposed by government

Spanish Blockchain Bill Proposed by Ruling Party

Blockchain, Law and Regulation, News

spanish blockchain bill proposed by governmentNews has emerged of a Spanish blockchain bill proposed by lawmakers that would see the technology utilized in the running of the country’s public administration.

133 deputies from Spain’s ruling party, Partido Popular, are throwing their weight behind a bill that would see the blockchain used for government operations, helping to increase transparency for both the public and political sections of society while increasing efficiency.

Europe’s safest ICO framework

This is another example of Spain’s growing support for the technology after the government discussed offering tax breaks to blockchain companies as well as cryptocurrency exchanges in February.

“We want to set up Europe’s safest framework to invest in ICOs,” the Spanish deputy said at the time.

Legislation proposed in February would see a threshold introduced, below which entrepreneurs wouldn’t be required to report a cryptocurrency investment.

The most recent bill was submitted June 22, 2018, and published for public consumption on the legislative branch’s website four days later on the 26th.

At the same time as the Partido Popular bill being brought to the fore, the Partido Ciudadanos, the Citizens Party, also introduced a bill of their own, seeking clarification on what obligations currently exist for financial institutions who deal with cryptocurrencies.

Presents more risks than benefits

Despite enjoying a degree of support from the ruling party in Spain, there is some resistance to the progress of crypto in Spain, with the governor of Banco De Espana Luis Maria Linde claiming during a speech in April that cryptocurrencies “present more risks than benefits.”

Commenting further, Mr. Linde said – “Cryptocurrencies have low acceptance as a means of payment, suffer extreme volatility, present multiple operational vulnerabilities and have been related to fraudulent or illicit activities in many cases.”

However, continuing with the current trend of influential figures who express caution when it comes to cryptocurrencies, the governor looks more favorably on blockchain technology, stressing the new opportunities it provides.

Brussels divide

While both bills are still to be fully addressed and decided upon by the Spanish government, another possible hurdle lies with the EU, with a definite divide existing between Brussels and those crypto-friendly nations who wish to draft favorable legislation.

It’s expected that the Spanish blockchain bill put forward by the Partido Popular will see a review by the end of the year, but the feeling is that clearance from the Spanish government is merely the first hurdle that the bill will have to clear.

Next up will be the EU, which should prove interesting for other less prominent EU nations who are looking to press forward with crypto-friendly legislation of their own.

Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.

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