Spain Mulls Over Blockchain Use for Mortgage Payments, Insurance

Spain Mulls Over Blockchain Use
  • Spain is considering the use of blockchain to improve mortgage payments and insurance.
  • The country is also studying the feasibility of accepting cryptocurrency as payment for mortgages.
  • Blockchain companies may receive tax incentives as well.

The country of Spain may become one of the newest to join in the crypto adoption craze. In fact, the country’s ruling political party is aiming to promote cryptocurrency use among other nascent technologies.

According to local newspaper 20 Minutos, Spanish legislators are considering the use of cryptocurrency for mortgage payments. They are already beginning to study a proposal submitted along with other ideas that include using blockchain technology to modernize facilitation of mortgage and insurance payments. Moreover, blockchain companies may have tax incentives if the bill receives the nod of the country’s government.

The proponents are from People’s Party (PP), the ruling political entity in the country.

As per the article, originally written in Spanish,

“…[The bill] proposes that banks use blockchain technology to manage mortgages, insurance and speed up compensation…”

The initiative also aims to modernize the health supply chain sector. Proponents seek to use blockchain technology to detect the supply chain of medicines, as well as store patient records.

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