The Popular Party proposed the idea. It wants the country to be a “leader” when legislating oon the cryptoactive, instead of following the decisions of other countries

The regulation of cryptoactives in the territory of Spain is the purpose of the Spanish Popular Party (PP). Teodoro García Egea, General Secretary of that political organization, announced the proposal “not of law” that will be presented before the Congress of Deputies: Create a National Council of Cryptocurrencies.

The main objective to form this institution is to make the nation a “leader” in the field of blockchain technology and cryptocurrencies so as not to “get behind the legislation of other countries”, that is, to depend on decisions or jurisprudence taken by cases in the leading countries in this field, such as the United States.

The piece of news was presented during the opening day of the ISDE Blockchain & Law ResearchCenter, at the Higher Institute of Law and Economics of Madrid, with the presentation “Regulatory Framework in Cryptocurrencies andBlockchain”.

García was the one who gave the information and details on Monday, December 10th. During his speech, he assured that the aim is to provide an optimal level of security for investors as well as “apply tax incentives to companies that use blockchain for the traceability of processes”.

Regarding the validity and reliability of the cryptoactives, the leader highlighted the advantages of cryptoactives in comparison with national currencies and fiduciary money, since cryptocurrencies allow fund tracking facilities and impede processes to”pirate” or falsify user accounts.

Next Steps

The proposal will be formally presented during the next few days for potential regulation of cryptocurrencies. According to García, cryptocurrencies are like the machines that allowed the mechanical loom during the industrial revolution, because cryptoactives represent a current and perhaps a transformation of the international economy.

Regarding the legislation that can be developed in Spain, García said: “Through the design of a legal framework we want to establish the parameters of use and favor theim plementation of the technology that makes it possible, both in public and private entities, generating always guarantees of safety and reliability”.Other important issues to be addressed are the creation of a NationalCryptocurrency Council and the education of citizens about technology.

It is not the first time that the PP is pronounced on the technology of distributed accounting (DLT). In February, the party proposed capturing companies based on blockchain technology through tax exemptions. At that time, García Egea said that a project would be designed to exempt companies that work in this type of platform from taxresponsibilities.

The Congress of Deputies of Spain is one of the two chambers that make up the general courts and that represents all Spanish citizens. In total, there are 350 deputies elected by universal, direct and secret suffrage. Its main function is to legislate, make laws together with the Senate and maintain control over the Spanish Government.

By María Rodríguez


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