Spanish Lawmakers Keen to Promote Crypto Industry

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Tutellus, a decentralized crypto exchange, executed the plan to distribute crypto
  • Last week the Chamber of Digital Commerce’s Political Action Committee (PAC) also distributed Bitcoin’s worth of $50 to all 541 members of congress
  • Caballero highlighted that the members could use the received cryptocurrencies in any of the establishments that accept such forms of payments

According to the release of ABC Economy, Spain’s lower house of Congress members have been given crypto worth of 1 Euro in their email box. Tutellus, a decentralized crypto exchange, executed the plan to distribute crypto.

Awareness of Crypto’s Transcendental role

Tutellus, a decentralized exchange, and the Blockchain Observatory of Europe have planned and distributed Bitcoin’s worth 1 Euro among the 350 members of Spain’s lower Congress house. Their motive was to raise awareness about the prominent role of digital currencies in transforming their economy.

According to Miguel Caballero, founder of Tutellus exchange, they have explained to the members that now is the time for an intense change in the use of money and highlights the important role that digital currencies do have now. Caballero also highlighted that the given cryptos are not donations, instead it is an opportunity to learn about cryptos for the members who aren’t familiar with this.

After US, it’s Spain to take lead

It’s not the first time when the members of legislative houses are getting cryptos to promote cryptocurrency. Last week the Chamber of Digital Commerce’s Political Action Committee (PAC) also distributed Bitcoin’s worth of $50 to all 541 members of congress. This time it is seen happening in Spain.

Cryptocurrencies is becoming a reality 

As the use of money digitally has become a reality, Europe has also shown its interest in launching the digital EURO, which can be launched by 2021. In the past, few Spanish banks were too interested in cryptocurrencies and blockchain. The situation led Santander bank to partner with Ripples a few months ago for a blockchain-based payments system. Banco Bilbao Vizcaya Argentaria (BBVA), the digital bank of the century, launched a study about other cryptographic techniques and explored zero-knowledge proof.

According to Caballero, with the digital euro in the coming time, it can bring awareness about the risks and benefits of cryptocurrencies among the citizens, deputies, and representatives. Caballero highlighted that the members could use the received cryptocurrencies in any of the establishments that accept such forms of payments.

As the countries are promoting blockchain and cryptocurrencies are becoming a reality, it is concluded that very soon, all the countries around the world will tend to launch their digital currency. The pace in which the industry is rising may be in the coming years, we will find a globe with digital currencies, and physical currency will vanish.

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