Spain’s Political Party Urges Congress to Study Blockchain Technology and Its Applications

Political Party Podemos in Spain Urges Congress to Study Blockchain Technology and Crypto Regulation

As per a recent post published by Coin Staker, a political party dubbed Podemos requested the Congress to acquire a complete understanding on the usefulness of blockchain technology. In particular, the favoritism for the innovative technology seems to stem from the fact that it can reduce costs, increase transparency and potentially induce efficiency within governmental procedures.

The request was filed to the Congress by Podemos’ deputy, Alberto Montero, who also happens to have revealed the specs of the plans at work. The overall goal is to create a “sub-commission”, which will be responsible for presenting a knowledgeable outlook on blockchain technology. The sub commission will supposedly house a wide range of expertise levels in the form of politicians, and public officials.

Podemos is all for blockchain and hopes that the Congress will arrive at a sound conclusion in relation to its usefulness. It has also been noted that studying blockchain technology is an appropriate step to take, as it blends smoothly with the idea of cryptocurrencies as well as its regulation.

Regulating the digital assets is an ongoing topic that countries worldwide have been assessing. While some investors are against regulation, as it may pose a risk for the notion of decentralization, others have since argued that they are necessary to rid the system of scams, hacks and theft. In other words, crypto regulations are not entirely bad, unless the guidelines limit progress.

This is also Podemos viewpoint, as there are firms who are currently operating with the use of digital assets, however, they lack an understanding on whether or not it is considered legal. In addition to the blockchain proposal, Spain is supposedly seeking the compulsory regional policy from the European Union (EU) to deal with cryptocurrencies.

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