Spanish Political Coalition Calls for Regulatory Body to Explore Crypto

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Spanish Political Coalition Calls for Regulatory Body to Explore Crypto

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Spanish coalition party Unidos Podemos is proposing a body to oversee the implementation of blockchain technology and crypto regulation in the country.

The coalition formed from left-wing parties Podemos, United Left, Equo and smaller parties has suggested the move in order to study the benefits of blockchain and implement its use in public administration in the country as well as explore its industrial potential.

Under the last administration, then Prime Minister Mariano Rajoy was suggesting possible tax breaks in order to create a more favorable environment for potential blockchain investment. Although Spain’s new prime minister Pedro Sánchez has promised to raise taxation on companies and increase public spending, so far, his views on new technologies such as blockchain and cryptocurrency still remain unclear.

Alberto Montero, the deputy of the political alliance, has presented the plan to Spain’s lower house as he sees blockchain significantly boosting security levels for social and economic transactions, suggesting that blockchain has “enormous potential”.

Regarding cryptocurrencies, the alliance is looking at examining current regulation for the use of digital currencies in Spain. Many of the major currencies are described by Podemos as being “located in a grey area of regulation”.

Podemos is not the only party looking at the adoption blockchain in government, as members of the current ruling party Partido Popular (People’s Party) had proposed a similar bill, although it now remains to be seen if this position is taken up by prime minister Sánchez as that proposal was made with Rajoy at the political helm before his departure in June of this year.

The current position is that Spanish Congress supports a draft regulatory framework for cryptocurrencies in theory. The Partido Popular’s original suggestion is that the state cooperates with the National Securities Market Commission (CNMV) and the Bank of Spain to coordinate its position on cryptocurrency in line with EU guidelines.

 

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