The People’s Party of Spain has introduced a bill that, if passed, would legitimize the payment of mortgages in cryptocurrency and lead to the creation of the National Council on Cryptoassets.
According to the text of the “Law on Digital Transformation” proposed by the People’s Party of Spain, homeowners will be able to use cryptocurrency to pay for mortgages, and sector participants can invest digital assets in mortgage pools. Banks, on the other hand, will be able to use blockchain as a system to manage mortgages and insurance, and make it easier to pay compensation using digital currencies.
According to the Spanish People’s Party, the bill aims to ensure that cryptocurrency transactions are “carried out in a trusted, secure and transparent environment.” According to Cristina Carrascosa, a lawyer and CEO of ATH21 law firm, this project is innovative because it implies the recognition of cryptocurrency as a means of payment due to its ability to be used to pay off debts. Carrascos added that so far, banks do not accept payments in cryptocurrency.
The bill also proposes the creation of a National Cryptoasset Council (CNC) to provide advisory services. It will include representatives of the General Directorate of the Ministry of Finance, the National Commission for the Securities Market and the Central Bank of Spain. According to the proposal, CNC will study and analyze the consequences of using cryptoassets and other services on the blockchain, assess the possibilities of introducing blockchain into government and ensure the creation of mechanisms for detecting fraud and tax evasion on cryptocurrencies.
According to the bill, tokens issued through the ICO will be considered negotiable securities, and it is not necessary to inform the authorities about investments through the initial placement of tokens in the amount of less than 6,000 euros.
In June, the Spanish Socialist Labor Party (PSWP) proposed issuing a national digital currency in response to a reduction in the use of cash.
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