Spanish People’s Party Proposes Using Crypto To Pay for Mortgage

By | August 4, 2021

According to the latest news in the cryptocurrency sector, the People’s Party of Spain has presented a bill to promote the use of crypto in the country.

The document is called a bill for digital transformation and among other things proposes to permit crypto payments for the mortgage. 

Bill proposes to extend the use of crypto in the public sector

The draft law advocates that mortgage payments in digital currencies should be allowed not only for the property owners but also for fund managers and real estate companies to invest in a mortgage pool. The People’s Party also proposes that banks should be able to use blockchain systems to process mortgages and insurances, and speed up crypto payments.

Furthermore, the digital transformation bill allows using cryptocurrencies for private obligations between two parties, which include the exchange of goods and services. Those transactions will be taxed similarly to monetary transactions. The legislation also extends the use of blockchain technology to the food and healthcare sectors to ensure the better traceability of the products and medical processes.

The project also aims to create the National Council for Crypto Assets (CNC) that will have the following roles:

study the ramifications of the use of crypto;
assess the use of blockchain in the public sector;
ensure that antifraud and antiterrorism procedures are in place.

Members of the Central Bank, the General Directorate of the Treasury, and the National Securities of Market Commission will join the ranks of the commission.

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