Fun

Digital Transformation Law Draft Would Allow Users to Pay Mortgages With Crypto in Spain

News Feed - 2021-08-03 05:08:08

Digital Transformation Law Draft Would Allow Users to Pay Mortgages With Crypto in Spain


A new proposal of a digital transformation law, written by a group of lawmakers in Spain would introduce the possibility of paying mortgages with cryptocurrency. The law draft also gives different incentives for companies and organizations using and developing solutions using these technologies, including tax cuts. Banks are also included in the regulation, and the draft includes the use of smart contracts for managing some processes in these organizations. Spain Would Include Crypto in Its Mortgage System


A new draft of a digital transformation law, presented by a group of lawmakers from the Popular Party in Spain, would regulate and legalize several new technologies like cryptocurrency, blockchain, and AI in the country. Among its numerous proposal, it contemplates the possibility of house owners paying their mortgages with cryptocurrencies, enticing the use of these assets as means of exchange. But the proposal also extends this functionality to investment firms to create their own cryptocurrency for buying mortgages from banks too.


The proposal also contemplates the modernization of the structure of banks, that would be able to use blockchain, cryptocurrencies, and smart contracts to carry ordinary processes such as mortgage management, and to streamlining compensation and settlements derived from insurance policies. Blockchain technologies are also contemplated to see used in supply chain applications, and in medical processes. Tax Cuts for Adopters


The proposed draft includes several tax exemptions for companies and organizations providing solutions and developing these technologies on Spanish soil. Tax cuts for these companies are proposed to reach 25% and even more, depending on some conditions. Companies using cryptocurrency could also apply for a technological innovation deduction. This would entice the use of cryptocurrencies as it presents a clear benefit for using them.


AI and the Internet of Things (IoT), emergent technologies that are also present in several solutions are also regulated in the draft, which establishes several benefits for these service providers.


Spain has been very aggressive when it comes to regulating big tech and cryptocurrency. Just last month, Spain’s congress passed an anti-fraud law that establishes harsh penalties for users who fail to disclose their cryptocurrency holdings for tax purposes. This law also established limits on the number of euros that can be paid in cash per transaction, with the objective of improving tax collection and control capital movements across the country and the E.U.


What do you think about the new digital transformation law draft in Spain? Tell us in the comments section below. While Chinese Bitcoin Miners Escaped Crackdowns, Sichuan"s Hydropower Plants Were Not So Lucky NEWS | 8 hours ago Global Cryptocurrency Adoption Doubled Since January Reaching 221 Million Users: Report NEWS | 3 days ago Tags in this story Blockchain, Crypto Spain, digital transformation, draft, Insurance, Mortgages, Smart Contracts, Spain, Spain Crypto


Image Credits: Shutterstock, Pixabay, Wiki Commons Show comments

News Feed

Sam Bankman-Fried is back in court, waives conflict of interest for lawyers
Turner Wright3 hours agoSam Bankman-Fried is back in court, waives conflict of interest for lawyersLawyers Marc Mukasey and Torrey Young will represent the former FTX CEO through his sentencing on March 28, while Christi
Brian Quarmby7 hours agoStars Arena secures funds to plug $3M exploit, set to reopen after security auditStars Arena was hacked for roughly $3 million worth of AVAX tokens, with the hacker reportedly sending the funds to
Bitcoin hodlers moved $1.7B into ‘accumulation’ wallets during the BTC dip
Tom Mitchelhill6 hours agoBitcoin hodlers moved $1.7B into ‘accumulation’ wallets during the BTC dipA record 27,700 Bitcoin was sent to ‘accumulation addresses’ on April 16, as the price of Bitcoin tumbled below
Report: $1.3 Billion in Crypto Stolen in Q1 2022, 97% Stemmed From Defi Exploits
Report: $1.3 Billion in Crypto Stolen in Q1 2022, 97% Stemmed From Defi Exploits According to a research report, $1.3 billion in digital currencies have been stolen during the firs
Ethereum Price Stuck At $2,500: Analyst Says Don’t Trade Until This Happens
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Charlie Munger Urges US Government to Ban Crypto Like China Has Done
Charlie Munger Urges US Government to Ban Crypto Like China Has Done Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has urged t
Trump Crypto Venture Charges Into Digital Space With Wallet Launch Amid Uproar
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Moxy․io Introduces the ‘Play and Earn’ Concept Ahead of Moxy Club Pre-Launch
Moxy․io Introduces the ‘Play and Earn’ Concept Ahead of Moxy Club Pre-Launch press release PRESS RELEASE.The Moxy.io team has built a team consisting of several veterans from
Best Crypto to Buy Now as Ethereum’s Momentum Builds with Strong Futures and Network Growth
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Zhiyuan Sun5 hours agoVietnamese Web3 coalition Ninety Eight launches $25M ecosystem fundThe capital will be dedicated to supporting Web3 startups in Asia.741 Total views7 Total sharesListen to article 0:00NewsJoin us on
Digital Asset Exchange Platform Granted ‘Crypto Financial Services Provider License’ by Israeli Regulator
Digital Asset Exchange Platform Granted "Crypto Financial Services Provider License" by Israeli Regulator An Israeli capital markets regulator, the Insurance and Savings Capital Ma
Tom Blackstone4 hours agoUSDC will launch natively on Base network ‘next week’ — Jeremy AllaireCircle announced that a Base version of its USDC stablecoin would be available soon, eventually eliminating the need fo