New Bill in Spain Seeks To Enable Crypto-Based Mortgages – The Daily Hodl

ad-midbar
ad-midbar
ad-midbar
ad-midbar

Lawmakers in Spain are proposing a new law that would allow homeowners to pay their mortgages using cryptocurrency.

The legislation, submitted by members of the People’s Party in a bid to promote digital transformation in Spain, also aims to enable real-estate companies and investment funds to use crypto assets to purchase mortgages from banks.

 

The drafted law proposes that banks use blockchain technology and smart contracts in managing processes and products such as mortgages, insurances and fund disbursements.

The legislation could also have effects that go beyond the financial sector.

The law proposes to use blockchain technology to track the origin and safety of food products and to ensure the immutability and traceability of medical records.

Additionally, the bill would offer tax incentives to businesses that use cryptocurrencies and blockchain technology.

These businesses, along with those in the drone technology and artificial intelligence industries, would receive a 25% tax cut for their research and development activities.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix
 

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/RM Studio

News Source

ad-bottom
ad-bottom
ad-bottom
ad-bottom

NO COMMENTS