Spanish Political Coalition Calls for Blockchain Exploration

Spanish political coalition calls for Blockchain exploration, stating that the initiative plans to study the “enormous potential” of Blockchain, which can be utilized for state benefits.

14 August, AtoZ MarketsLeft-wing political coalition Unidos Podemos in Spain has urged the state the explore and implement the benefits of Blockchain, according to the local news agency. 

Spanish Political Coalition Calls for Blockchain Exploration

Reportedly, Podemos, United Left, Equo and others have proposed that the Spanish government sets up a subcommittee that will study the potential of Blockchain technology. The officials also suggested looking into the cryptocurrency regulation possibilities. The deputy of the political alliance, Alberto Montero, has registered the request in the lower house, as he also submitted the project plan. 

The proposed body would bring public administrations, officials and state authorities together along with the industry experts. 

As per Montero, the initiative plans to explore the “enormous potential” of Blockchain, as it will study the possibility of reducing costs of government operations and boosting the level of security for social and economic transactions. 

Additionally, the coalition has suggested looking into regulatory approached for the crypto use in Spain. As per the report, cryptocurrencies, such as Bitcoin and Ethereum, are presently “located in a gray area of regulation.”

Earlier Blockchain Initiatives

The alliance further proposes to set up the foundation for the policy based on the results of the European Union (EU) Blockchain Observatory and Forum, which was launched by the European Commission in February 2018. 

Earlier this February, the Prime Minister of Spain Mariano Rajoy’s People’s Party stated that the government is reportedly preparing cryptocurrency-friendly legislation for Blockchain companies. The legislation is aiming to attract Blockchain entities, with one of the way being the inclusion of tax breaks.

Reportedly, the lawmaker that is responsible for drafting the law is Teodoro Garcia Egea. Online reports state that he believes that major European countries can largely benefit from welcoming Blockchain companies. He claims that the new technology could potentially boost the innovation in health, education, and finance.

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