By Hassan Mehmood (Saudi Arabia)
El Salvador has become the centre of attention for the entire world as it plans to become the first country to elevate Bitcoin as a legal tender. Meanwhile, the cryptocurrency industry has ballooned by many layers in the current year. Many consumers are aware of the new diversification method. This entails the use of social media platforms and internet-based services that have introduced crypto to faraway lands.
On the one hand, many people are fond of virtual currencies, and some even predict that all future financial transactions will need a blockchain bypass. On the other hand, some critics and cynics claim that this technology is a way for scammers and criminals to get away with their activities without being identified. All the negative commentary has not stopped Spain to move ahead with its new crypto-friendly legislation.
Citizens will be able to Pay their Mortgage Installments with Cryptocurrencies
One of the biggest cost accounts that a middle-class person wants to settle is their mortgage payment. The citizens of Spain are overjoyed with the new notion that they might be able to settle their tab with cryptocurrencies. The Spanish newspaper 20 Minutos claims that the federal lawmakers are working on a new proposal to make it possible.
The document called the Digital Transformation Law is under the consideration of the Spanish Senate. If this proposal manages to get a majority vote, the local blockchain projects and crypto enterprises could get away to become legalized entities. People’s Party representatives are trying to get the AI-based financing development bill to get more agreement and approval.
The new crypto proposal under consideration by Spanish authorities is aimed at editing the traditional banking and finance infrastructure in the region. For El Salvador, using blockchain is a way for them to deal with issues like cutting down costs, protection against money devaluation, faster transactions, digitization of the economy, and attract more business investments. However, Spain’s exposure to the crypto space is quite limited. The country is looking to change the mortgage system with the use of blockchain technology. The proposal postulates that banks in Spain use cryptocurrency networks to record mortgages, insurance, and compensation data with the help of smart chains contracts. The type of verification processes and other factors that make the use of blockchain more centralized is also under discussion.
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