The ruling Spanish political party, Partido Popular (PP), have proposed a bill to utilize and explore blockchain technology to improve transparency and traceability in the Spanish public administration sector. According to a report from local news source (CriptoNoticias) on June 30, 133 deputies from Partido particular presented the proposed bill for approval.
The Spanish Government Ready to Adopt Blockchain Technology
On the 22nd of June 2018, the bill was presented to the Spanish Congress and later published it on the official website of the statutory branch on the 26th of June. As at now, the bill has not been reviewed by other members while the Congress’ official website is also yet to release further details and information on the bill after its presentation.
In February 2018, the Partido Popular considered giving possible tax breaks and incentives to firms that make use blockchain technology. These tax incentives were aimed to lure more blockchain companies into the country due to its potential in various sectors. However, the relevant legislation is still on and is set to be concluded towards the end of the year. The lawmaker in charge of the legislation, Teodoro Garcia Egae, told Bloomberg that:
“The level of digitization for companies will be key. We hope to get the legislation ready this year”…”The level of digitization for companies will be key. We hope to get the legislation ready this year”…”We want to set up Europe’s safest framework to invest in ICOs.”
Later in March 2018, another Spanish political party, Partido Espanol Ciudadanos, proposed to implement clear guidelines and regulations for firms and enterprises that work with digital currencies. These proposed rules were projected to ensure that these firms provide some necessary details about crypto transactions to the Spanish tax office. Similarly, the PSOE party, another top political party in Spain, proposed that the government study how other countries regulate the use of digital currencies and blockchain technology.
The regulatory moves made by these three major political parties in Spain have shown that it reckons blockchain technology and is ready to adopt and integrate it into the financial sector of the country. These parties have all indicated that the blockchain technology could help to improve the Spanish economy by avoiding fraud and increasing the efficiency of services rendered in its public administration sector.
Apart from these parties, National Securities Market Commission (CNMV), a financial agency in Spain, had also proposed cryptocurrency and blockchain regulations in the past. CNMV suggested that having these regulations would help crypto investors to have a clear view on how to deal with their digital assets.