Spanish opposition party proposes a bill to enable mortgage and insurance payments to be made in cryptocurrency, the party believes this will help promote the blockchain and AI industries.
By presenting a new bill on digital transformation, Spanish politicians are supporting a new legal attempt to legitimate the cryptocurrency and blockchain industries.
The People’s Party (PP) a Spanish political party, has proposed a new draft bill. Its goal is to promote innovation in a variety of industries by regulating emerging technologies like blockchain and artificial intelligence, as well as for cryptocurrencies like Bitcoin (BTC).
The PP suggested legalizing the use of bitcoin and blockchain technology for mortgage and insurance purposes as part of the draft bill.
The plan intends to allow property owners to pay their mortgages in cryptocurrency and to allow the real estate industry to use its own coin to purchase mortgages.
The draft bill also asks for Spanish banks to use blockchain technology to manage mortgage and insurance processes by automating them using smart contracts.
The draft bill proposes that enterprises participating in the crypto and blockchain industries in Spain receive significant tax advantages and patent benefits.
Local tech innovation businesses should be eligible for a 90 percent discount on national patent and registration fees at the Spanish Patent and Trademark Office, according to the law.
In addition, the new proposal proposes the formation of the National Crypto Asset Council for public advice, which will include officials from the Treasury Directorate General, the National Securities Market Commission, and the Bank of Spain.
In early July, the Spanish parliament enacted a new law forcing residents to report their cryptocurrency holdings as part of the country’s efforts to combat tax evasion and fraud.
The law aims to broaden the scope of regulation of the Spanish crypto sector by imposing important new criteria for cryptocurrency holding and trading.