Mortgage settlements many soon be available to pay for in cryptocurrency in Spain, after a new draft law was pitched by the country’s opposition.
Partido Popular (PP), the biggest opposition party in Spain, is pushing for a bill that would allow people to settle mortgage payments with various digital assets.
The proposal, originally presented on July 26, also focuses on the creation of a national crypto assets council (CNC) to have a better look at what the adoption of such technologies could mean for Spain.
In their Digital Transformation Law, PP members propose allowing the real estate sector to participate in mortgage pools through cryptocurrencies.
PP also proposes that banks adopt blockchain as a system to oversee mortgages and insurance, and improve payments of indemnities, all through the use of crypto currencies.
The party believes that any digital transaction could be settled in a trusted, secure and transparent manner if adopted properly.
The CNC would have advisory functions and be made up by representatives of different financial bodies in the country, including the Spanish Central Bank, the Directorate General of the Treasure and the National Securities Market Commission.
The bill also lays the groundwork for taxing cryptocurrencies and argues that any exchange of goods or services with crypto will be subject to a tax regime.
The proposal goes further and argues that any cryptocurrencies or tokens resulting from an initial coin offering (ICO) would be treated as negotiable securities. However, ICOs that generate less than €6,000 need not be disclosed to authorities.
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