new law proposal in Spain

In Spain, services open to cryptocurrencies?

As reported by the local media 20 Minutos, this initiative is part of the digital transition bill sponsored by the Popular Party. He wants companies in Spain to be able to use cryptocurrencies more flexibly, especially in the context of mortgage loans:

” [Le parti] proposes to allow their use for the payment of a mortgage by the owner of a home, but also so that companies in the real estate sector and investment funds can use their own cryptocurrency to be able to buy groups of loans mortgages from banks. “

👉 To go further – How can blockchain represent the future of real estate?

Insurance and traceability

It is about integrating the blockchain into banking services: this would allow, according to the Popular Party, to better manage loans, but also insurance, in order to accelerate compensation. The project in fact evokes the integration of the blockchain into insurance contracts, which could be based on smart contracts.

Beyond the financial sector, the Popular Party has also raised the possibility of using blockchain as part of traceability. This would allow better tracking of foodstuffs, but also of medical processes linked to drugs.

👉 More info on the breakthrough of blockchain traceability solutions

Tax reductions for companies in the sector

To promote the integration of these technologies, the Popular Party is also proposing significant tax reductions for digital companies: 25% of expenses incurred in total. This is part of the broader framework of tax cuts given to companies that will make the technology of tomorrow. Those using artificial intelligence and drones are indeed also concerned.

The opposition party’s ambitious bill will have a long way to go if it is to be implemented. For this, cryptos will have to change their legal status: they would become “means of payment” rather than “means of exchange”.

However, the proposal clearly shows the dynamism of the sector. At the start of the year, we learned that 10% of Spaniards would hold cryptocurrency. The arrival of crypto services in banks and insurance services could therefore further accelerate their adoption.

👉 To read on the same subject – The second largest bank in Spain launches crypto services

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About the author: Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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