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.
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