CRYPTONIAN UPDATE: SPAIN'S OWN CRYPTO VALLEY UNDERWAY???

Low taxes in any state or country is always an attractive sight to companies looking to establish and is sometimes used as a strategy to attract investors. As stated in my previous post, the low taxes in Iceland is one of the many factors that makes it a crypto mining paradise as it helps cryptocurrency miners to maximize their profit.

Cryptocurrency and blockchain technology are gaining increasing popularity and acceptance daily and some have fortold them to be the “future of commerce and development.” Even so, some countries have begun to key into this fast gaining concept.

Spain seems to be warming up for the inculcation of digital currencies and cryptocurrency companies into her country. In fact, plans are already in place to get legislature ready before the end of 2018 as stated by the lawmaker preparing the legislation, Egea Garcia in a tweet.

The country has just recently bought into the idea that cryptocurrency will bring about a transformation of the business and commerce industry as well as health, finance and a whole host of other sectors. Transaction methods and data security are all part of what the blockchain technology has to offer and they certainly do not want to be left behind as it is fast becoming an undeniable fact.

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Legislation of Initial Coin Offerings (ICOs) is seriously being considered by the People’s Party of the Nation. The tax breaks and properly regulated framework which will be accorded the cryptocurrency companies are their selling points, as they hope to provide safety and convenience to both the investors and the companies.
However, the European Union, which has not been so keen on the idea of investing in cryptocurrency has raised flags saying that such an investment “poses a high risk”

The Country may well be on the verge of having their own “Crypto Valley” as developers there are currently embarking on a project to track transactions faster and reduce settlement time through the study of distributed ledger technologies.