A new draft of a digital transformation law, created by several lawmakers from the Popular Party in Spain, aims to regulate and legalize new technologies in the country, such as cryptocurrency, blockchain, and AI. It even takes into consideration the option of having house owners being able to pay their mortgage using crypto.
The proposal also focuses on modernizing the structure of banks that would let them use blockchain, cryptocurrencies, and smart contracts for ordinary processes like mortgage management. Furthermore, blockchain tech is also analyzed in order to be used in supply chain applications, but also in medical processes.
This proposed draft also features tax exemptions for those organizations and companies that offer solutions and create those needed technologies in Spain with the tax cut going up 25% or even more.
AI and IoT are also regulated in this draft.