Paying your mortgage with digital money may be closer than ever.
Cryptocurrencies are in fashion. For a few years, digital money has been the star product for millions of investors around the world, and more and more people are interested in this financial asset that offers high returns in a short time.
In fact, there are already some companies that allow you to pay for their products and services with cryptocurrencies, the only thing the user has to have is a Blockchain (a virtual wallet) and the desire to dare and innovate in the payment of what they are buying.
Cryptocurrency mortgage
In Spain, there is still no legislation that thoroughly regulates the use of digital money for purchases of common goods and services. One of the proposals made by the leader of the opposition, Pablo Casado, is that in the not-too-distant future the mortgage can be paid using cryptocurrencies. In addition, it is also intended that companies in the real estate sector and the different investment funds can even create their own cryptocurrency to be able to acquire groups of mortgages from conventional banks in the process of securitization.
This proposal from the Popular Party is part of the legislative plan that has proposed training for the digital transformation of Spain, with which they intend to lay the foundations for the technological future of our country, and thus facilitate the digital transition process for companies as much as possible, legally regulating the use and scope of the most cutting-edge technologies, such as digital money.
The plan, in addition to the payment of mortgages by homeowners and individuals, also contemplates that the introduction of cryptocurrencies becomes effective in the insurance and compensation sector, making them extendable, for example, to insurance policies that have what are known as smart contracts, which will offer different conditions depending on the procedures that must be carried out to contract the insurance, the verification and security processes and the possible incidents that are estimated to occur.
Tax advantages
However, the conservatives' plan with Blockchain technology contemplates going beyond the financial sector, since it also wants to legislate so that digital money can be used in the food sector. Specifically, it intends that each product has a card assigned with information on things such as the origin of the product. The use of this technology in healthcare is also being considered, to make the traceability of medical decisions and processes more secure.
All this will be accompanied by a tax reduction for all those technology companies that invest in and favor this type of technology, immediately including them in the list of companies benefiting from deductions for carrying out activities related to research and development.
Said deduction, which will be around 25% of the total expenses incurred, maybe even higher when said expenses exceed the average of the two previous fiscal years, thus reaching up to 30%, and staying up to two more years. Companies that use Blockchain technology will also be eligible for deductions for technological innovation.
