Best Bitcoin Card for Spain

Spain’s legislation is open to blockchain technology

Spain is a unique example of legislation that is open to crypto currencies and blockchain use cases. The country’s leading politicians, civil servants and banks are jointly pursuing the possibilities that blockchain technology has to offer.

Europa Press reported that the Autonomous Community of Aragon in Spain has partnered with Alastria, a blockchain ecosystem consisting of more than 274 entities, including institutions and companies that design blockchain-based tools. By optimizing the efficiency and transparency of administration, these block chains are designed to attract companies and investments.

Many blockchain projects are planned

Employees of the regional administration are already being trained to work with the blockchain technology. However, this partnership is only one step in the many projects planned by the Aragonese government until the end of 2018. Training and consulting events are also planned to highlight more useful applications of the blockchain for the government.

Also in Catalonia the planning of the implementation of the blockchain in the public administration was made known. They want to improve digital services for the public and promote the potential of the blockchain between companies, administrators and citizens. By the end of 2018, Catalonia’s Digital Policy Department must develop a plan to incorporate Blockchain-Tech into all areas of public administration, according to a press release.

Bank of Spain used Blockchain as world’s first bank for credit transfer

Banco Bilbao Vizcaya Argentaria (BBVA) is the second largest bank in Spain in terms of administrative assets and capitalisation and in April 2017 was the first bank in the world to use blockchain technology for the complete process of sending a 75 million euro loan. The bank’s managing director then said that Blockchain technology was still in development and would have to face major challenges in the future. Nevertheless, in July the bank signed a loan of 100 million euros for an engineering company based on the Blockchain.

At the end of May, the Spanish Congress unanimously supported a bill that will have a positive impact on crypto currencies and blockchain technology in Spain. In the absence of a control framework, the draft calls for a review of the regulation against crypto currencies and the blockchain. It also proposes that the technology be introduced to the Spanish market through a controlled test environment.

A cost-effective system for transfers and payments

There was also agreement to promote blockchain technology as a cost-effective system for transfers and payments. In order to organise a common position on crypto currencies in the wider European context, the draft proposes the cooperation of the government with the Bank of Spain and the National Securities Market Commission.

The ruling Partido Popular also presented a bill calling for the use of innovative technology in Spain’s public administration. At the beginning of the year, the party was already considering granting tax relief to companies using the technology.

It remains to be seen whether the promises made by many politicians to promote blockchain will actually come true. In any case, many Spanish government bodies have decided not to wait for the final laws, but to actively promote adaptation now.

About Spain

Spain (officially Kingdom of Spain, Spanish Reino de España, Catalan Regne d’Espanya, Galician Reino de España, Basque Espainiako Erresuma) is a state with a constitutional hereditary monarchy, located in southwestern Europe and occupying most of the Iberian Peninsula. The capital is Madrid.

In the north and northwest there is a temperate climate with mild winters and fresh summers. Rainfall can reach up to 2,400mm per year. The rest is very dry (500mm on average) with mild winters and hot summers. Temperatures in Madrid are 5° C in January average and 25° C in July average.

The country name can be traced back to the name Hispania, which the Romans gave to their Spanish possessions. It probably goes back to a Phoenician name, which means “coast of the rabbits”.