The Spanish leftist ideology political alliance, Unidos Podemos, has suggested that the country should explore and exploit the infinite potentials of the blockchain technology by implementing projects based on the innovation, according to a recent report by a local news agency Europa Express.
Alberto Montero who happens to be the deputy for the alliance has registered a request in the lower house alongside the proposed project framework. What exactly is the project? The project proposed by the leftist ideology coalition through its deputy is that which is directed at the Spanish Government to constitute a committee which will be hinged on the study of the potentials of the blockchain technology as well as the cryptocurrency regulations.
In Montero’s view, the initiative hopes to explore the “enormous potentials” of the ingenious blockchain technology which will reduce the cost of governance and further improve the level of security for social and economic transactions. The blockchain-inclined body also would unite the public administration, public official, state authorities as well as industry experts who will amount to no conflict of interest as the sole aim is for economic advancement. This will translate into a Subaru capable of causing an economic turnaround (if not a revolution).
Based on the report, virtual currencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) have been described as: “located in a gray area of regulation.” which is gaining grounds in the country now. The alliance, therefore, proposes a regulatory approach for the use of virtual currencies in Spain.
Also, the alliance suggests the reliance on the policy on the result of the EU (European Union) Blockchain Observatory and Forum, which was introduced by the European Commission in February 2018.
The Antecedent of the Blockchain Technology Proposal in Spain
It is crystal clear that Unidos Podemos is not the only and neither is it the first political organization to have proposed blockchain and cryptocurrency adoption (or a study at the very least) to the Spanish Government in recent times. It was reported earlier this summer that about 133 deputies from the Partido Popular (the People’s Party) which is the Spanish ruling party also proposed a bill for the use blockchain in the public administration and economic stratosphere of the country.
In relations to the virtual currency regulations, the Spanish Congress has been reported to have shown unanimous support for a draft regulatory framework to regulate blockchain technology and digital currency on May 30, 2018.
The draft which was initiated by Partido Popular which by virtue of being the ruling party implies that the state is in collaboration with National Securities Market Commission (CNMV) and the bank of Spain (which are the apex regulatory bodies in the country) in order to coordinate a popular regulatory framework on digital currency in the European jurisdiction.
This proposal, if passed and subsequently becomes regulation, might place Spain on the map in reference to countries that are taking advantage of the blockchain technology in all sphere including law and also providing an enabling environment by efficient and effective regulations and empowered regulatory bodies to perform their oversight functions as an agency.