Spanish law firm launches its own cryptocurrency

lawyer holding a bitcoin in his hand

Legal cryptocurrency

It is expected that this cryptocurrency can be used to pay for the advisory services provided by the firm.

Gómez-Acebo & Pombo, a Spanish law firm, will issue its own cryptocurrency, which will be quoted on the Stellar public network.

The first launch will be made at the beginning of July, with a total of 350 cryptocurrencies that will be commercialized in packages of 35 units at a price of 1000 euros.

Pombo will be the name of the first Spanish cryptocurrency issued by a law firm. In this regard, Guillermo Guerra, partner of the firm, indicated for the Diario Financiero de Chile:

«It is a pioneering initiative in the Spanish legal sector. With the help of Blockchain Work Labs, a start-up specialized in blockchain technology, we have created a market in which the Pombos can be freely traded, although in this first issue we have limited it to clients of the firm ».

How will the cryptocurrency work?

During this first phase, the cryptocurrency was issued to cover projects of the foundation that require funding, as well as for pro bono work.

After acquiring the cryptocurrency, the buyer selects the project that he wishes to finance.

Subsequently, the tokens are transferred to the virtual wallet of each of the available social initiatives.

In addition, each cryptocurrency would entitle the owner to assign one hour of pro bono work from a study attorney to provide counseling.

In order not to fraudulently use the network, the identity of the beneficiaries is previously identified.

The issuance of the cryptocurrency will not be subject to the supervision of the National Securities Market Commission (CNMV), which has confirmed that it is a utility, that is, a service, and not a negotiable value that seeks profitability.

This would not be the first project blockchain that has broken into the legal field, previously reported on two other projects: Blockchan-ge y Lexdigo.

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Yamile Cárdenas
Yamile is a lawyer from the Pontificia Universidad Católica del Perú (PUCP). He is currently studying a Master's in Media and Politics at the University of Bologna, Italy. He has worked at SEMANAeconómica, EY Peru, ProInversion, PetroPeru, among others. Contact: yamile.cardenas@studio.unibo.it

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