Spanish Blockchain Company Gifts Lawmakers Cryptos to Boost Adoption

For years, crypto enthusiasts have fought for continued adoption across the world. However, one of the primary hurdles for this to work has always been familiarity with government officials. In Spain, a blockchain firm is bringing crypto to Congress members, whether they like it or not. 

Familiarity Breeds Increased Adoption 

Over the weekend, local news source ABC reported that Tutellus, a decentralized blockchain platform, had sent cryptocurrencies directly to members of the country’s lower house of Congress. The initiative, which was conducted in collaboration with the Blockchain Observatory, saw each Congressman get the equivalent of one euro in crypto, hoping that they will be incentivized to use more units over time. 

Spain’s lower house of Parliament, known as the Congress of Deputies, consists of 350 members. As ABC confirmed, each person got one euro of crypto into their emails. Tutellus founder Miguel Caballero explained that the objective is to raise awareness about crypto and their future roles in society. 

“We have explained to your honorable members that we are in a time of profound change in the use of money, in addition to highlighting the important role that cryptocurrencies have today,” he said. 

Caballero also pointed out that the initiative isn’t a donation. While they understand that some Congressmen might be familiar with crypto, the objective is to get those who aren’t to learn more by participation. 

This isn’t the first initiative of its kind. Last year, Decrypt reported that the Chamber of Digital Commerce, a Washington D.C.-based crypto advocacy group, sent $50 in Bitcoin to all members of the United States Congress. Like the Spanish effort, this initiative aimed at educating Congressmen about crypto and their benefits. 

So far, there doesn’t appear to be much in terms of results for the project. Adoption into U.S. law is just as it was a year ago, and there’s every indication that we could see the same thing when the dust settles on the Spanish effort. Still, as far as adoption goes, this initiative is as good as any. 

A Continent-Wide Adoption Approach 

Although crypto regulation doesn’t appear to be on the rise in Spain, the country does seem to be on board with a possible Europe-wide digital asset regulatory scheme. Last month, the Spanish government joinedFrance, Italy, and Spain to back the European Union’s resolution to draft regulations for asset-backed crypto assets.

Per a Reuters report, the governments and their top economic policymakers explained that the European Union shouldn’t allow stablecoin operation within the continent until it has developed an effective framework to address regulatory, legal, and oversight issues. 

In a press conference with his counterparts, Olaf Schulz, the German Finance Minister, explained to reporters, “We all agree that it’s our task to keep financial market stable and to ensure that what is a task for states remains a task for states.” 

With the European Central Bank also researching into a possible digital euro, it appears that crypto adoption will eventually come to Spain one way or the other.