An initiative in Spain is seeking to allow homeowners to use cryptocurrency to pay off their mortgages. If the bill is approved, the Spanish government will make it easier for mortgage holders to pay off their debts using digital currencies. The Spanish government would also be able to regulate the necessary tax laws.
Today, Spanish lawmakers voted on a bill that will enable people to make mortgage payments in crypto-currencies. Without a doubt, this will be the first legislative act of its kind in the world. If the bill is approved, it will provide Spanish banks with the legal framework to enable mortgage settlements in Bitcoin, Ether, and other major cryptocurrencies.
The Spanish Parliament has approved a new bill aimed at making it easier for people to make mortgage payments in cryptocurrencies. The new Spanish law would also allow people to make partial payments in these digital assets.
By introducing a new bill on digital transformation, Spanish legislators are supporting a new legislative effort to legalize the cryptocurrency and blockchain industries.
The People’s Party, a conservative political party in Spain, has presented a new draft law (PP). Its goal is to promote innovation in a variety of sectors by regulating new technologies like blockchain and artificial intelligence, as well as cryptocurrencies like Bitcoin (BTC).
The PP suggested legalizing the use of cryptocurrencies and blockchain technology for mortgage and insurance purposes as part of the draft law. The idea seeks to enable property owners to pay their mortgages in cryptocurrency and to let the real estate industry to use its own coin to buy mortgages.
The proposed legislation also asks for Spanish banks to use blockchain technology to manage mortgage and insurance procedures by automating them using smart contracts.
The draft law proposes that businesses engaged in the crypto and blockchain industries in Spain get significant tax savings and patent benefits. Local digital innovation companies should be eligible for a 90 percent discount on national patent and registration costs at the Spanish Patent and Trademark Office, according to the law.
Related: The Spanish Socialist Workers’ Party has proposed a public digital money.
In addition, the new proposal proposes the formation of the National Crypto Asset Council for public advice, which would include members from the Treasury Directorate General, the National Securities Market Commission, and the Bank of Spain.
In early July, the Spanish parliament passed a new legislation forcing citizens to disclose their cryptocurrency holdings as part of the country’s efforts to fight tax evasion and fraud. The legislation aims to broaden the scope of regulation of the Spanish crypto industry by imposing significant new criteria for cryptocurrency ownership and trading.
It’s been a long time coming, but Spain’s parliament finally approved a bill to allow mortgage payments to be made in cryptocurrency. The bill still needs to be passed by Spain’s senate, but if it does, it will become the first nation in Europe to offer crypto-based mortgages.. Read more about cryptocurrency mortgage application and let us know what you think.
