The leading opposition party in Spain Partido Popular has introduced a bill that would allow for the payment of mortgages with crypto currencies. Furthermore is would and create a national crypto assets council to analyze the implications of the use of crypto and blockchain in that country.
According to the Digital Transformation Law, homeowners would be able to use crypto currencies to pay their mortgages, while the real estate sector would be able to use crypto to invest in mortgage pools. According to the opposition party, the bill seeks to ensure that transactions with crypto currencies “are carried out in a framework of trust, security and transparency.”
According to lawyer Cristina Carrascosa, CEO of ATH21, a law firm specializing in crypto, this project is innovative as it is an implicit recognition of crypto currencies as a means of payment because of their debt-releasing capacity. Carrascosa added that in order for the law to be implemented, a change of legal category for crypto currencies would have to be made: from the current “means of exchange” status to “means of payment.”
PP’s project, presented on July 26, also proposes the creation of a national crypto assets council (CNC) to serve on an advisory basis. It would be made up of representatives from the Directorate General of the Treasury, the National Securities Market Commission and the Spanish Central Bank.
