A new proposed digital transformation law, authored by a group of lawmakers in Spain, would introduce the possibility of paying mortgages with cryptocurrency.
The proposal also envisions modernizing the structure of banks
A new digital transformation bill proposed by a group of Popular Party lawmakers in Spain would regulate and legalize several new technologies in the country, including cryptocurrency, blockchain, and AI. One of the proposals in the new law is to allow homeowners to pay their mortgages with cryptocurrencies, which would encourage the use of these assets as a medium of exchange.
The proposal also envisions modernizing the structure of banks, which would be able to use blockchain, cryptocurrencies, and smart contracts to carry out normal processes such as managing mortgages and streamlining compensation and settlements from insurance contracts. Blockchain technologies could also be used for supply chain applications and medical procedures.
Companies that use cryptocurrencies could also claim a tax deduction
The proposed bill includes several tax exemptions for companies and organizations that provide solutions and develop these technologies on Spanish soil. The tax cuts for these companies would be up to 25% or more, depending on some conditions. Companies that use cryptocurrencies could also claim a tax deduction for technological innovation. This would encourage the use of cryptocurrencies, as it is a clear advantage for their use.