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The People’s Party (PP) of Spain wants to promote the use of cryptocurrencies, and it proposes allowing them to be used not only for mortgage payments by homeowners but also for companies in the real estate sector and fund managers to use their own cryptocurrency to buy groups of mortgages from banks in securitization processes.<\/strong><\/p>\n These are two of the core proposals advocated by the bill for Spain’s digital transformation, through which they want to provide the groundwork for this transition, make it easier for businesses, and control the use of disruptive technology.<\/strong><\/p>\n In addition to introducing cryptocurrencies into the mortgage system \u2013 the bill also proposes that banks use blockchain technology to manage mortgages, insurance, and streamline indemnities \u2013 it also proposes extending it to insurance policies, with \u2018smart contracts’ with conditions based on the procedures to be followed, verification processes, and potential incidents.<\/span><\/p>\n Furthermore, blockchain technology is applied in the food chain as well as the health sector, with passports given to product labels to maintain evidence of origin and ownership of medical records.<\/span><\/p>\n Additionally, the PP will help digital technology companies by offering a tax cut in order to foster this sort of innovation by putting them within the groups receiving a deduction for R&D costs. This deduction of 25% of expenditures incurred, and higher even if expenses surpass the average of the previous two years, would be raised by five points for two years under the PP plan.<\/span><\/p>\n<\/span>Blockchain to Be Leveraged across the Public Sector<\/strong><\/span><\/h2>\n
<\/span>Crypto & Blockchain Companies get Tax Benefits for Innovation<\/b><\/span><\/h2>\n