The Treasury will study the impact of bitcoin and cryptocurrencies, but for now, to control them nothing
Bitcoin continues to be a headline-grabbing machine, which is making ordinary users more and more interested in it. Faced with this situation and the kind of legal vacuum in which cryptocurrencies are found, the Treasury has decided to take action on the matter to start studying its impact.
Not, This does not mean that the Treasury will control cryptocurrencies. The only thing they have done, as we can read in the BOE, is to commit to studying their tax incidence and that of the new Blockchain technologies, which they consider as “one of the most demanding challenges today.”
What it says in the BOE is that, in 2018, the General Directorate of the Tax Agency will begin to investigate new business models, as well as “the technology used in the different manifestations of the digital economy.” In these investigations, we find a point where they put that “The tax incidence of new technologies, such as blockchain, and especially cryptocurrencies will be studied”.
This does not mean that they are going to legislate or begin to control the use that is given to it. For now, what the Treasury has done is limit itself to commit to studying the impact of blockchain and cryptocurrencies in economics and business models.
Therefore, first it will be necessary to see what is this promise and what are the results of the study made by the Treasury. And it will be once the study is finished when, depending on the results, it is decided whether or not to legislate on them, and how to do it. Therefore, surely in the coming months we will see how all these measures materialize.
In addition, the Treasury also mentions in the BOE that it will focus on the use of electronic electronic purses and instant transfer systems, ensuring that “The adaptation of information systems will be promoted to prevent fraud”.
They have also promised that they will use new data analysis techniques to improve the efficiency of the use of the information available to the Tax Agency. With this, they ensure that develop new fraud detection models based on analytical techniques and network analysis using big data techniques.
Cryptocurrencies and organized crime
The Treasury also explains in the BOE that it will also be necessary to combat organized crime and the trade of illicit goods on the deep web, as well as the use of cryptocurrencies such as Bitcoin or similar as means of payment in them.
To combat this type of activity, which it considers “one of the most demanding challenges today”, the Tax Agency is committed to promoting the use of “the new information gathering and analysis technologies in all types of networks “by its research units.
Thus, the Treasury is not going to regulate cryptocurrencies or blockchain, but they have promised to study their impact on the economy. What they are going to do is equip their researchers with new analysis technologies such as Big Data to prevent fraud, as well as to detect the use of cryptocurrencies and other forms of payment in criminal acts that take place in the depths of the network. .
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