Spanish Opposition Party Partido Popular Proposes Bill Allowing Crypto Payment for Mortgage

Spain's main leading opposition party, also known as the Partido Popular (PP), proposed a bill allowing cryptocurrency to pay for mortgage loans.

The specific bill would also establish a National Crypto Assets Committee focusing on developing the entire country of Spain using blockchain technology and cryptocurrency, despite allowing the public to use cryptocurrency to repay mortgage loans.

Partido Popular stated that all related cryptocurrency transactions would follow the principles of trust, security, and transparency.

According to the officially announced "Digital Transformation Law", the text states that homeowners who purchase houses can use cryptocurrency to pay for mortgage loans. Industries such as real estate-related real estate developers and investors can invest digital assets such as cryptocurrency in mortgage loans pools.

At the same time, banks can also use blockchain to manage mortgages and insurance and simplify the payment of compensation in digital currency.

As early as the second half of 2020, Banco de España, Spain’s central bank, published its strategic plan to design proposals and evaluate the economic implications, including the systematic and financial risk of a central bank digital currency (CBDC) in the country over the next four years.