Spain boosts blockchain credentials

Over 130 deputies of Spain’s ruling Popular Party have drafted a bill proposing the implementation of blockchain technology to make government administration more transparent and efficient.

The bill was introduced to the Spanish Congress on 22nd June but has yet to be reviewed by all the members of the legislative body.

The main author of the bill, Teodoro Garcia Egea, says one other objective is to attract leading blockchain and crypto firms to the country. He adds that regulations could be included in the bill in order to also make Spain more attractive to Initial Coin Offerings (ICOs).

“The level of digitisation of companies is key,” says Garcia. “We trust that the legislation will be ready this year.” The congressman also said the bill is crucial in the development and improvement the financial, health and education sectors of the country.

Experts will explain to the whole of Congress the ins and outs of blockchain and will promote the analysis of initiatives in the sector being considered by other countries, such as Switzerland’s Crypto Valley in Zug.

Garcia also spoke of tax breaks for companies wanting to establish themselves in Spain and of a limit to cryptocurrency investments that would not need to be declared. At the same time, the National Stock Market Commission is working on regulations to protect cryptocurrency investors. “We want to create the most secure environment in Europe for those who invest in ICOs,” concludes Garcia.