The PP wants to allow cryptocurrencies in the mortgage system, both for its payment and for its securitization

The PP wants to promote the use of cryptocurrencies, and for this it proposes to allow their use for the payment of a mortgage by the owner of a home, but also so that companies in the real estate sector and investment funds, can use a own cryptocurrency to be able to buy groups of mortgages from banks in securitization processes.

These are two of the measures promoted by the ‘popular’ in their bill for the digital transformation of Spain, with which they seek to establish the foundations of this transformation, facilitate this process for companies and regulate the use of disruptive technologies.

In addition to his introduction into the mortgage system – he also proposes that banks use tecnologa blockchain to manage mortgages, insurance and streamline indemnities – he proposes extending it to insurance policies, with ‘smart contracts’ with conditions depending on the procedures to be followed, verification processes and potential incidents.

But not only in the financial sector, since the PP wants to reflect by law the use of Blockchain technology in the food chain -with a passport assigned to a product label to have proof of origin- or Health, to ensure the traceability of medical decisions and processes, and the patient’s ownership of their medical records.

Deductions for innovation

Likewise, the PP raises a tax cut for those digital technology companies to favor this type of innovation, by including them within the companies benefiting from the deduction for research and development activities.

This deduction, of 25% of expenses incurred, and higher even in the event that expenses exceed the average of the two previous years, would be increased by five more points, according to the PP proposal for two years.

Companies that use cryptocurrencies and Blockchain technology may also take advantage of the deductions provided for technological innovation, which enables a full fee deduction under certain conditions.

It is not the only tax reduction proposed by the PP, which proposes to include in this type of deductions companies that incorporate Artificial intelligence (AI) in ‘software’ projects and also those that use remotely piloted civil aircraft, also known as drones.

Regulation on drones and extension of the so-called ‘sandbox’

In this case, the PP bets on a specific regulation for use in the commercial and industrial sector, for last-mile uses, in the universal postal service, the transport of goods, and also enables municipal regulation and its use in the improvement of its own functions.

Likewise, it considers it necessary to extend the regulation approved by Congress for the financial sector on the ‘sandbox’ –test bench for innovative projects, with specific regulation and control–, to other sectors that may present disruptive ideas or technologies, and mentions other sectors such as Health (Primary Care), pharmacy, the postal sector, energy, security or mobility.

Allow facial and biometric recognition

Regarding Artificial Intelligence, the PP anticipates a ethical framework for intelligent robotics, which entrusts the Government at the proposal of a group of experts with the participation of the private sector, and also for Artificial Intelligence (AI) systems.

In this sense, the ‘popular’ establish the obligation to provide clear information on the use, characteristics and properties of products with AI, and also bet on allowing the use of facial and biometric recognition for personal identification.

Likewise, the legislative proposal also includes obligations for the so-called connected devices (Internet of Things), cloud computing – it proposes including the companies that provide cloud services as electro-intensive consumers to access favorable treatment on their electricity bill. -, and also the connected vehicle.

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