In Spain, companies from various industries, not just digital finance, have begun to use blockchain technology in their activities. This ground-breaking technology has fueled pioneering projects in the country that are expected to add €20 billion to Spain’s GDP by 2030.
As expectations about technology in Spain grow through 2021, so has investment, hype, and concerns about the stability and regulation of digital assets.
Here we take a look at some of the most notable developments in the Spanish crypto and blockchain ecosystems during 2021.
The Central Bank warns of the risks of cryptocurrency investments
The Spanish Central Bank, along with the National Securities Market Commission, issued a statement in February 2021 warning citizens of the risks associated with cryptocurrencies as an investment.
The statement notes that there are as yet no EU regulations for regulating cryptocurrencies, and no guarantees and warranties similar to those available for other financial products such as stocks and bonds.
New tax rules for cryptocurrency
As part of its efforts to regulate and monitor cryptocurrency transactions, the Spanish Ministry of Finance announced in early July a “law to prevent and combat tax fraud.”
At the same time, the Treasury Department will require income and wealth tax declarations in digital currency, as well as reporting of payments and fees made with cryptocurrency.
The local media then reported that “this regulation imposes an obligation to provide information about the account balances of holders of virtual currencies and about the transactions in which they participate. The same obligation applies to those who submit initial offers of new virtual currencies.”
The Fintech industry is getting a gaming sandbox
In May, the Secretary-General of the Ministry of Finance and International Finance published a resolution listing the first projects to be taken up in the Spanish regulatory protection environment.
Sandkassen will allow a select group of companies to test new business models in a closed environment under the control of the Bank of Spain, the General Directorate of Insurance, Pension Funds and the National Commission on Markets and Securities.
The digital euro in municipal law
In July, Juan Berenguer, mayor of El Campello, a city located east of the Costa Blanca in Valencia, revealed that the municipality had been chosen to host a local digital currency project to complement the Digital Euro, to explore how currency exchange in the eurozone would be “acceptable by society”. “.
The initiative also aims to determine how public and private jurisdictions can participate in the development, research and testing of a central bank digital currency.
Zamora promotes blockchain technology
In Zamora, the capital of the province of the same name in northwestern Spain, a webinar was held on the development of blockchain technology and cryptocurrency.
The event, “Discover the Secrets of Blockchain and Cryptocurrency and How to Use It in Your Business,” organized by the Zamora Chamber of Commerce, was aimed at small and medium-sized businesses with less than 10 people “who want to improve their digital marketing strategy.”
Utility matters and innovation
In addition to finance, blockchain has found innovative applications in both civil and administrative contexts.
In February, more than 2,000 people in Catalonia took part in a survey using blockchain technology. The initiative was developed using the Vocdoni digital platform, which made it possible to count the results minutes after the polls closed.
In the field of education, the University of Murcia has announced that it will issue certificates on the blockchain through Blockcerts.
A Spanish university has issued blockchain certificates to participants in the Crue-TIC 2021/2022 Disruptive Technologies Conference of the Digital University, where participants will discuss applications of artificial intelligence, data analysis and big data, blockchain, cloud technologies and 5G.
A Spanish project using blockchain technology has become one of the finalists in the European Digital Mindset Awards in the “Best Public Sector Digital Accelerator” category.
The electricity-focused blockchain project Endesa Confía has implemented a pilot project in collaboration with the Malaga City Council and the University of Malaga.
Spanish company 1MillionBot has developed a blockchain-enabled COVID-19 vaccine assistant.
Towards the end of the year, a blockchain powerhouse in Catalonia announced that it would launch Carvers, the Catalan verse house. The new monolingual metaverse aims to promote the Catalan language and culture online.