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Crypto for mortgage payments proposed in Spain

The proposed bill will allow homeowners to use crypto for paying their mortgages while allowing the real estate sector to use their own crypto to invest in mortgage pools.

Madrid, Spain / Image by: Wikimedia Commons

Wed, 04 Aug 2021, 15:49 pm UTC

Spanish lawmakers are proposing a new draft bill that will allow the use of crypto such as Bitcoin (BTC) as payment for mortgages. Proposed by the leading opposition party in the country, Partido Popular (PP), the bill also aims to foster innovation in various industries by harnessing emerging technologies such as blockchain, cryptocurrencies, and artificial intelligence.

In the draft bill called the “Digital Transformation Law,” the PP proposed to legalize the use of crypto and blockchain for mortgages and insurance, according to Cointelegraph. It will allow homeowners to use crypto for paying their mortgages while allowing the real estate sector to use their own crypto to invest in mortgage pools

Spanish banks will also be allowed to use blockchain technology to manage mortgages and insurance. This will streamline their operations by using smart contracts to automate processes.

To encourage innovation, Spanish companies in the crypto and blockchain sector will also get tax breaks and patent benefits as proposed by the draft bill. For instance, tech innovation startups will enjoy up to a 90 percent discount on registration fees in the Patent and Trademark Office as well as on the cost of the national patent.

The Partido Popular explained that the bill aims to ensure that crypto transactions “are carried out in a framework of trust, security, and transparency,” according to Coindesk.

The bill also proposes to create the National Crypto Asset Council (CNC) as an advisory body on crypto-related matters. The council will be comprised of representatives from the Bank of Spain, the Directorate General of the Treasury, and the National Securities Market Commission.

The CNC will analyze the potential implications of the use of crypto-assets and blockchain technology in public administration. In addition, it will be responsible for coming up with a mechanism for the detection of tax evasion and fraud.

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