Spanish Left-Wing Political Coalition Proposes Subcommittee to Study Blockchain, Crypto

Spanish left-wing political coalition Unidos Podemos has called on the state to explore and implement the benefits of blockchain technology, local news agency Europa Press reported August 12.

Podemos, formed from left wing parties Podemos, United Left, Equo and others has suggested that the Spanish government establish a subcommittee responsible for studying the potential of blockchain technology as well cryptocurrency regulation. Alberto Montero, the deputy of the political alliance, has reportedly registered the request in the lower house, along with a project plan.

The blockchain-focused body would bring together public administrations, state authorities and public officials, as well as industry experts.

According to a Montero, the initiative aims to explore the "enormous potential" of blockchaint tech in terms of reducing costs of government operations and boosting the level of security for social and economic transactions.

In addition, the alliance has suggested addressing regulatory approaches for cryptocurrency use in Spain. According to the report, digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are currently “located in a gray area of ​​regulation."

The coalition also proposes to base policy on the outcomes of the European Union (EU) Blockchain Observatory and Forum, launched by the European Commission in February 2018.

Unidos Podemos is not the only political organization that has recently suggested blockchain adoption in the country’s government. Earlier this summer, 133 deputies from the Spanish ruling party, Partido Popular (People’s Party), proposed a bill to use blockchain in the public administration of the country.

Recently, two major spanish public institutions, the Spanish Society of Authors and Publishers (SGAE) and the Madrid School of Telecommunications Engineering (ETSIT-UPM) partnered to apply blockchain for digital copyright management.

In terms of crypto regulation, the Spanish Congress has reportedly indicated unanimous support for a draft regulatory framework to regulate blockchain technology and cryptocurrencies on May 30, 2018. The draft initiative, proposed by People’s Party, suggests that the state cooperates with National Securities Market Commission (CNMV) and the Bank of Spain to coordinate a common regulatory stance on crypto in the broader European context.