Earlier in the year, Switzerland send shockwaves globally by drafting crypto friendly policies which left the blockchain enthusiasts pretty hyped. Following in their footsteps is the Spanish government who has proposed a legislation which provides fewer tax interferences to blockchain technology, based companies in a bid to become a frontrunner in the revolutionary Blockchain technology world. The Spaniard Ministry is so keen to set a serious platform for blockchain technology so much that the prime minister Mariano Rajoy has offered his full support and is willing to go all out in a bid to attract the companies that fall in the criteria of the blockchain technology.

The Spanish government are firm believers of this technology, and are optimistic that this revolutionary fast-growing technology will lead to massive growth in the finance, health and education sectors, Teodoro Garcia Egea, the lawmaker preparing the bill, had really high regards towards this step taken by their government. Mr. Garcia Egea also teased the idea of there being rebates offered for companies who are in the 3D printing business. Bloomberg was found reporting that the lawmaker was really adamant about getting the legislation passed rapidly possibly by the end of this year.

The People’s Party is also planning to invite blockchain experts to testify in parliament. Spain has been keeping a close eye on the works of countries such as Switzerland, which is one of the leading countries who has welcomed cryptocurrency metier with open arms.

Garcia Egea further added that Spain is also considering the prospect of relaxing the load on reporting cryptocurrency investments against the threshold level. Although they have also taken a step to safeguard the ICO investors decisions through the regulatory framework being created. This ambitious effort has been taken in an attempt to establish themselves as one of Europe’s safest framework to invest in ICOs.

On the other hand, some of Spain’s European acquaintances have completely contradictory opinions regarding the Blockchain revolution, with famous personalities like French Finance minister Bruno Le Maire and the interim German Finance Minister Peter Altmaier both being pictured going on record making bold claims that the cryptocurrency business will be a major threat to long-term financial stability, and simultaneously endorsed the fellow G20 Finance ministers to keep a check on the growing market. What can prove to affect Spain’s decision in a major way in future is the fact that European Central bank board member Yves Mersch questioned the feasibility of cryptocurrencies by stating that “cryptocurrencies are not money, nor will they be sustainable for a long term in the future” Also Great Britain to see this market having a negative impact for the immediate future, with Britain Prime minister Theresa May also expressing displeasure over the misuse of the cryptocurrency market, and also reportedly caught saying that he has been keeping a very close track on this market, especially how easy it is exploited by criminals.

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