Madrid will invest 1.6M Euros on blockchain development

Community of Madrid will invest 1.6 million euros for blockchain developments in Spain

Key facts:

The projects are expected to create jobs and drive the region's digital transformation. Plans include creating a training center for those who do not handle new technologies.

The president of the Community of Madrid, Isabel Díaz Ayuso, announced on September 15 the creation of technology clusters that will serve as strategic instruments for the digital transformation of the autonomous region, located in central Spain.

According to the information disseminated on the official Community page, the clusters will be focused on the development of companies and projects based on blockchains, Artificial Intelligence (AI) and the Internet of Things (IoT).

They add that a total of 1.6 million euros will be allocated for the deployment of these projects during the first half of 2022. Díaz Ayuso commented that the companies in the sectors that will encompass the digital transformation will push the agenda of the autonomous region of Madrid, as well as the internationalization of their productivity. It also points out that it will help them reduce costs, obtain resources and improve knowledge.

The official made the announcement during the presentation ceremony of the first IBM Public Cloud Center, a company that chose the Community of Madrid to make the investment, considered the largest it will undertake in Europe in 2021.

He added that these projects "will generate hundreds of direct and indirect jobs in the region and it is a source of pride for all." He also took the opportunity to mention the problem of the lack of digital literacy as one of the possible obstacles to the plan.

Because of this, a training center will be launched.

• The so-called digital revolution causes fears for employment, especially for those who have a harder time learning to use these new tools, who have to reinvent themselves. These fears are understood, and from the Community we bet on them, no matter how old they are.

• Isabel Díaz Ayuso, president of the Community of Madrid.

The objective, according to the president of the Community, is to become one of the most important digital nodes in southern Europe. Based on this, it considers necessary the development of infrastructure, in addition to "political will, qualified workforce and, above all, companies and entrepreneurs committed to the future of the Community of Madrid." Growing interest in blockchain in Spain The announcement of the Community of Madrid is made in a context in which there is a growing interest in the implementation of new technologies in Spain, particularly for the so-called blockchain technology. In support of this trend, last November the Senate of Spain gave the final approval to the bill for the digital transformation of the financial system, which includes fintech, blockchain projects, cryptocurrencies and bitcoin (BTC).

As a consequence, this year preparations have been unfolding for the Fintech sandbox, which opened its second call on September 1. The registration process will be open until October 23.

nine of the ventures admitted during the first call are related to cryptocurrencies and blockchains.

The initiatives that were selected include:

• platforms for payment with crypto assets,
• digital identity and solutions based on distributed ledgers.

This medium also reported, last May, that the Spanish Ministry of Economic Affairs plans to carry out a reform that will allow the use of blockchain platforms in the stock market. The idea is that the operations of the exchange should not go through a government chamber of administration.