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Spanish Deputies to Debate Creating ‘National Crypto Council’

Tim Alper
Last updated: | 1 min read

The secretary-general of Spain’s People’s Party (PP) has said that the PP will put forward a draft bill in parliament that calls for the regulation of cryptocurrencies and blockchain technology. The bill calls for the creation of a “National Council of Cryptocurrencies” that would help Spain “avoid being subject to laws imposed by other countries,” by policing exchanges and nurturing crypto- and blockchain-related businesses.

Source: iStock/Photitos2016

Per media outlet Cope, the PP’s pro-crypto/blockchain secretary-general, Teodoro García Egea, said that the legislation would be unveiled “in a few days’ time,” and would be put before the Congress of Deputies, where the PP holds 134 out of 350 seats. The PP’s leader Pablo Casado currently leads the opposition in the house.

The bill would likely require the full support of the PP’s deputies in order to stand a chance of passing, but could possibly succeed if the PP can convincing other opposition parties of the draft law’s worth.

García Egea said that the bill would help “both public and private [blockchain and cryptocurrency-related entities provide [citizens with] guarantees of safety and reliability.”

The Spanish Tax Agency last month revealed that it was investigating some 15,000 cryptocurrency investors whom it says may have failed to declare crypto earnings.

Enthusiasm for cryptocurrencies continues to intensify in the country, with one of Europe’s biggest blockchain events, Congreso Internacional Blockchain set to run held in the northern city of La Coruña from December 12 to 14.
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