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Blockchain News Regulations

Spain’s ruling party decides to draft regulations in support of blockchain and cryptocurrency

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A local newspaper in Spain reported, ‘Partido Popular’, the ruling party of Spain has set out to introduce a draft bill on regulation of blockchain and cryptocurrency. According to the newspaper report, Teodoro Garcia Egea, Secretary (Partido Popular) announced this news during ISDE Blockchain and Law Research Center’s opening ceremony. The entire purpose of this announcement was to provide a level of security to the investors as well as to allow anybody to introduce their own coin.

The Secretary of PP also gave a scent of Tax cuts for companies which deploy decentralized technologies and for blockchain startups. It was also revealed that a national council would be established on cryptocurrencies, and education devoted to blockchain and cryptocurrency will be promoted. With all the measures that the Spanish jurisdiction is taking, it will help the country in becoming a leader in the blockchain industry. Spain has slowly and steadily been implementing blockchain technology into their public frameworks of their cities.

Country’s largest seaport, located in Valencia functions on blockchain technology with an intention to improve logistics and to bridge intermediaries in the shipping industry. IBM blockchain is believed to be used by Telefónica, A significant telecom operator in Spain in order to improve and manage international call traffic.

The Spanish government has been giving special attention to seek for ways and methods to prevent tax evasion for income generated through cryptocurrencies. The Ministry of Finance in Spain has major intentions of examining 15,000 taxpayers with cryptocurrency transactions in the past year.

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