Spanish Bill Bitcoin Blind – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

A new draft bill introduced in Spain by the People’s Party (PP) aims to foster digital transformation by outlining possible innovations, how they should work, who is entitled to develop them, and the entities that should oversee and regulate such developments and activities.

The bill, however, is effectively bitcoin-blind and focuses instead on blockchain and cryptocurrency – a misunderstanding of Satoshi Nakamoto’s real innovation that could hold back both the country and its people from genuine long-term flourishing.

A Focus On Cryptocurrency

For instance, article 48 under chapter seven delineates the aimed directives for “cryptocurrency” usage in the country. The bill would allow private citizens to transact with it to meet private obligations, for example, in private contracts. That would likely include bitcoin, however, so that’s a positive thing. Having people settle contracts on BTC fosters its usage as a medium of exchange in Spain, legitimizing it for that purpose. But the bill explicitly states that such arrangements should not threaten the country’s current legal tender regulations – meaning bitcoin wouldn’t be as legitimized as it is in El Salvador, for instance.