Blockchain Bill Proposed By Spain’s People’s Party

Blockchain, News, Regulation | July 5, 2018 By:

The People’s Party (PP) of Spain, the political party of Spanish Prime Minister Mariano Rajoy, has proposed a bill to use blockchain in the public administration of the country.

Last month, 133 deputies from the Spanish ruling party introduced the bill to the Congress of Deputies, the lower house of the country’s legislature. The bill encourages the use of blockchain technology in governmental operations, “with the aim of improving internal processes and providing traceability, robustness and transparency in decision making.”

“The introduction of blockchain – in administrative concessions, contracting or internal processes – will encourage greater control, traceability and transparency in the processes,” the bill said. “In addition, the use of this technology can also bring extra revenue to the Administration through the promotion of new models of exchange of rights in sectors such as logistics, tourism or infrastructure.”

However, further information about implementation has not been released and other deputies has yet to review the bill. The proposal currently sits with the Economy and Business Commission.

In February of this year, the People’s Party announced that it was preparing legislation including possible tax breaks to attract companies using blockchain technology. At the time, Teodoro Garcia Egea, the lawmaker drafting the bill, said that the bill could ultimately include provisions that aim to attract companies that are looking to sell tokens via initial coin offerings (ICO). It may also include a threshold below which a cryptocurrency investment wouldn’t need to be reported to the regulator. The bill was set to be finished by the end of the year.