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Spain Remains Example of Blockchain Optimism!

Spain Remains Example of Blockchain Optimism!

October 2, 2018 7:42 am,

Spain is the largest European country on the Iberian Peninsula, fourth largest in Europe and the second largest in the European Union. Spain has no regulations towards Bitcoin. Bitcoin transactions in Spain are considered to fall under the rules of bartering under the Civil Code. Such laws consider Bitcoin to be digital good or a thing. Bitcoin-accepting businesses are required to make an account statement with a value-added tax in Euros. Spain financial supervisors were the second to confiscate Bitcoins while investigating frauds performed with Bitcoin in 2013. Spain is working on implementing blockchain into the infrastructure of its cities and in other fields.

Aragon is one of the 17 autonomous communities, which were created with the goal of guaranteeing a qualified amount of autonomy for different nationalities and regions of the country. The counselor of Finance and Public administration in the Aragonese government, has signed a contract with Austria, which is a blockchain community or ecosystem of more than 274 entities, including companies and institutions which created the blockchain based tools in line with EU frameworks. As a result of this partnership, Aragon will become the first Spanish autonomous community to provide blockchain based services at the state level.

The Aragonese counselor thinks blockchain will improve the transparency and efficiency of the administration and this will be the catalyst to attract the business and new investments. The regional administration employees are being trained to work with the technology in order to get acquainted with its huge potential.

In addition, the tech is acting as an initiative to reduce the cost of government operations and boosting the level of security for social and economic transactions. Also, the alliance has suggested addressing regulatory approaches for cryptocurrency use in Spain. The digital currencies such as BTC, ETH, and LTC located in the gray area of regulation. The 2 major public institutions, SGAE and ETSIT-UPM to apply blockchain for digital copyright management.

Unidos Podemos is not the only political organization that has suggested blockchain adoption in the country’s government. This summer, 133 deputies from the Spanish ruling party, People’s party proposed a bill to use blockchain in the public administration of the country. They have also suggested an establishment of a subcommittee to study the potential of blockchain technology and cryptocurrency regulation.