Spain wants to be at the forefront of cryptocurrency. The government is preparing a bill, including tax breaks, to attract companies using blockchain technology.
Considered as a major technological advance, the blockchain is comparable to a large digital and public account book, in which are recorded all the transactions made by its users. The latter being indelible. Most cryptocurrencies, like Bitcoin or Ether, are based on the blockchain.
In particular, the bill would include a limit below which income from cryptocurrency investments would not have to be declared to taxes.
This project is in the interest of Spain and will boost the country's economy as technology is a "driver for sectors such as finance, health and education," said MP Teodoro Garcia Egea, interviewed by Bloomberg. The law should be ready this year.
The project could also include specific provisions to regulate and encourage the "Initial Coin Offering (ICO)", fundraising for the release of cryptocurrency units.
The bill also aims to attract other sectors of new technologies, such as 3D printing.