Spain’s leading opposition party, also known as the Partido Popular (PP), proposed a bill that would allow the cryptocurrency to pay off mortgages.

The special bill will also set up a national cryptographic asset committee focusing on the development of the whole of Spain through blockchain technology and cryptocurrency, despite the fact that the public was allowed to use the cryptocurrency to repay mortgages.

Partido Popular stated that all relevant cryptocurrency transactions adhere to the principles of trust, security and transparency.

According to the officially published “Digital Change Act”, the text states that homeowners who buy houses can use a cryptocurrency to pay off mortgages. Industries such as real estate developers and investors related to real estate can invest in digital assets, such as cryptocurrency, in a mortgage pool.

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

Already in the second half of 2020 Bank of Spain, the Central Bank of Spain, published its strategic plan for planning proposals and financial impact assessment, including a central bank digital currency (CBDC) in the country over the next four years.

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