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Spain Embraces Bitcoin on its Streets

The Spanish Congress has called to create new regulations to innovate in blockchain technology. At the same time, the technology is used for virtual currencies including Bitcoin, allowing it to properly work. Spain does not want to be behind in terms of innovation, and creating a legal framework for these technologies could be very positive for the country.

Spain Proposes Crypto Regulations

The Spanish congress has decided to propose for regulations that would introduce distributed ledger technology to the market ‘through controlled test environments.’ The main intention behind this initiative is to reduce costs, facilitate transfers and support projects working with blockchain technology.

Spain is one of the most important countries in Europe and has been calling for friendly crypto regulations since a very long time. The older government tried to promote regulations in the space at the regional and national level. The European Union did not establish clear regulations and it may take longer time until rules are approved in the EU.

The initiative proposed calls for ‘proportionate and compatible mechanisms’ for the development of new technologies with the intention to ensure that companies operating as intermediaries comply with reporting obligations and the legal framework.

But of course, the text also explains that there are some risks associated with these new technologies and virtual currencies. The text calls for enterprises to have the adequate information on risks, rights and guarantees, that investors bear when investing on them. In this way, it will be possible ‘to avoid economic damage that cannot be repaired, given the background in high-risk financial products.”

It is important to mention that Bitcoin and most of the cryptocurrencies in the market are registering in the last 24 hours an important price increase. Bitcoin is growing almost 11% and it is being traded around $7,400 dollars. At the same time, Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC), are registering important gains.

The total market capitalization of the crypto world is now near $300 billion dollars. Since the beginning of June that the market does not see this market value and prices. It will be important to follow whether Bitcoin will be able to keep growing or not and if other cryptos will gain momentum to expand even further.

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