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People’s Party Of Spain To Introduce Bill On Crypto Sphere

19:51 12/12/2018

The ruling Spanish People’s Party will be ready to present a bill on cryptos and blockchain within a few days, Cointelegraph reports referring to local media.


Teodoro Garcia Egea, the Party’s secretary, reported on the bill at the opening ceremony of the research center for blockchain study in Madrid. The major reason for the development of a regulatory document is the need to protect investors and, according to the legislator, to provide an opportunity for anyone to create their own token.

The politician announced plans on tax reduction for blockchain startups and firms involved in the implementation of distributed technologies. Moreover, the authorities may establish a national board on cryptos and develop educational projects related to innovative technologies.


All these measures will help Spain lead the way in the blockchain technologies introduction, and not follow other states, Garcia Egea stated.

However, Spain cannot be called a country, which is on the periphery of the blockchain application. It is trying to introduce new technologies actively both in the public urban infrastructure and in the private sector.


In November 2018, the Spanish bank BBVA, together with its Japanese and French partners, issued the first syndicated loan on blockchain, and the country’s leading telecom operator Telefónica decided to use the IBM Blockchain platform to manage mobile calls worldwide.

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