The Spanish government will add crypto-related sections to the Criminal Code to aid police battle Bitcoin (BTC) and altcoin-powered criminality.
According to Cronista, the Spanish Socialist Party (PSOE) and Unidas Podemos, the two parties that make up the government coalition, have introduced a legislative bill that would amend the relevant statute.
The parties assert that, in recent years, as the internet has evolved, “computer-powered” criminality has “increased tremendously.” However, they pointed out that current legislation solely addresses fiat and makes no mention of “intangible” forms of payment.
The administration said that “immaterial methods of payment” should henceforth be included under the Criminal Code. These “means” might be taken to refer to “virtual currencies and other transferrable cryptoassets,” it was stated.
Tokens “may be used to make payments,” the administration said. As a result, it believes that protections should be made for judges and police personnel who attempt to bring crypto-using offenders to justice.
but will probably make an effort to keep the revisions from including much additional information regarding cryptocurrency.
The revisions will refer to “other payment instruments than cash” rather than cryptoassets specifically.
The government expressed its expectation that this language would be “wide enough” to provide courts and law enforcement the “necessary flexibility” to “adapt to rapidly evolving technology.”
Will the Spanish Government Succeed in Its Bid?
It is anticipated that the amendments, which will be bundled with a number of other proposed modifications to the Criminal Code, would get unanimous approval from the legislative body without any resistance. In addition to this, in compliance with the laws of the EU, the government intends to take a tougher stance on violations such as insider trading.
On an effort to put a halt to the illegal trafficking of drugs, the law enforcement agency of that nation said earlier this year that it would spend 115 thousand dollars in cryptographic monitoring technology.
And in Spain, people are becoming more curious in virtual currencies. In recent times, 76% of Spaniards have declared that they are educated with cryptocurrencies, and a third of them have mentioned that they are aware of how coins are handled legally in their country.
Compiled by Coinbold