Legislators from Spain are reportedly throwing their weights behind a new legal initiative, aimed at offering legitimization to crypto and blockchain, via coming up with a new bill for digital transformation.

Specifically, the freshly surfaced draft bill was reportedly proposed by Spanish political party the People’s Party (PP), with a primary target of boosting innovation across a variety of sectors, via establishing regulations for emerging techs, nominally blockchain, A.I and crypto such as Bitcoin (BTC). 

As included within the scope of the draft bill, the PP reportedly put up the proposal to grant legal status to the usage of crypto and blockchain, mortgage and insurance-wise. 

Particularly, the proposal reportedly focuses on adding crypto as a viable medium of payments for mortgages to property owners, as well as providing the authorization to the real estate sphere, regarding utilizing their own digital coins for mortgage purchases.

The draft law further called for the deployment of blockchain tech from banks in the country, in terms of mortgage and insurance management, via establishing automation for associated processes with the use of smart contracts.

The draft bill reportedly suggested major tax breaks and patent benefits,  for firms associated with the Spain-based crypto and blockchain sphere, with a particular proposal that tech innovation startups in the nation should be granted a major decrease(90%) in national patent and registration fees cost, in the Spanish Patent and Trademark Office.

Moreover, the new initiative reportedly called for the formation of the National Crypto Asset Council, dedicated to public advising concerns, getting onboard representatives from the Directorate General of the Treasury, the National Securities Market Commission and the Bank of Spain.