Leading Spanish opposition party Partido Popular (PP) has introduced a new bill that would allow the payment of mortgages with cryptocurrencies. It further suggests creating a national crypto assets council to analyze possible implications of crypto and blockchain technology in Spain.
According to the so-called “Digital Transformation Law”, homeowners could pay mortgages with cryptocurrencies. At the same time, the real estate sector would be able to use crypto to invest in mortgage pools.
Furthermore, banks would be able to use smart contracts and blockchain technology to manage mortgages and insurance. Transactions with cryptocurrencies should be “carried out in a framework of trust, security, and transparency.”
Additionally, the bill suggests establishing significant taxation privileges and patent benefits for crypto- and blockchain-related companies in Spain. Local tech innovation startups should have a 90% reduction on the cost of the national patent and registration fees.