Cryptocurrency adoption has become a new sensation this year and every country is finding ways to legalize it. Partido Popular (PP), the Opposition party of Spain, has presented a bill named “Digital Transformation” to adopt Cryptocurrency.
Cryptocurrency is inspiring nations and attracting them to adopt it. Cryptocurrency adoption is way going faster than anticipated .At first, people were afraid to invest in crypto thinking that it was a scam and they will lose their fortune. But now tables have turned and Cryptocurrency has 300 million users around the globe. More than 18000 businesses around the world accept around the world.
El Salvador has taken the first step followed by Paraguay and now Spain towards legalizing Cryptocurrency. Partido Popular of Spain has presented a draft bill that aims to regulate emerging technologies like Blockchain, Artificial Intelligence, and crypto.
Purpose of Cryptocurrency adoption
According to the draft law, PP has suggested that Blockchain and Cryptocurrency will be used for insurance and mortgage payments. Property owners will be able to pay mortgages with Crypto and the real estate sector can use their Cryptocurrency for mortgage purchases. Banks of Spain will deploy Blockchain tech to manage the mortgage and insurance through smart contracts to automate the related processes.
Companies involved in the crypto and blockchain will be given incentives like tax breaks and patent benefits. Spain patent and trademark fees will be reduced by 90% with the help of local innovation tech startups.
The Cryptocurrency community is appreciating the effort of Spain’s opposition party. I hope Cryptocurrency adoption of these nations will urge more to do so.