The development of digital technologies in recent years has led to the most unexpected changes in the economy. Digitalization covers more and more new industries, coming both to the banking sector and the real estate market.
The concept of crypto assets
Various crypto assets, primarily cryptocurrencies, have become one of the new technological phenomena. The boom in them was rapid and their growth continues to this day, even despite all the problems of the sector, mainly related to the low degree of its regulation. Cryptocurrencies have found their way into a variety of industries, even key financial organizations, such as national central banks, are thinking about how to introduce these technologies into permanent circulation.
Crypto assets provide new opportunities for investors. They are not only an investment tool as such, but also a tool for other investments, including the purchase of real estate and lending. Unfortunately, this market also has disadvantages. For example, quite often, their market value exists only due to the fact that people are willing to buy them. That is, these are assets without a real base, rooted in some kind of activity.
They grow simply because people buy them and they might as well turn into an empty set of electronic symbols if market trends change. They are not often able to rely on the real sector. This is an asset driven by the emotions of buyers, which becomes a refuge for scammers of all stripes, who take advantage of the lack of serious regulation of this sphere and the fact that many aspects of it are in the gray zone.
When planning to use such assets, it is necessary to arm yourself with an expert assessment for each specific instrument and, preferably, rely on those that are widely used both in public and private structures. For example, if a number of banks offer the opportunity to repay mortgage payments using a particular cryptocurrency, then this is an excellent indicator of its reliability. At least financial institutions consider it as such.
Application of crypto assets
Crypto assets can be used for a variety of needs: trading, investment, debt coverage, savings, a tool for making transactions for a "rainy day". As mentioned above, they are used even by large banks for mortgage lending and loan repayments. Besides, due to the fact that serious financial organizations and large businesses have appeared in the sector, the state has already taken up work on legislative development in this area.
In Spain, one such draft of new legislation for the crypto market was proposed by the People's Party of Spain (Partido Popular). Being mainly an opposition party, it often tries to be the first in those areas of legislation where the main political forces have not yet reached. Their project affecting cryptocurrencies, mainly bitcoin, has already been submitted to Congress.
If the project is adopted, bitcoin will become an equal means for making financial transactions in the country. In this case, almost all obstacles to the purchase of housing, the opening of mortgages, life and property insurance, the payment of fees, duties and taxes, even the payment of utilities and rental contracts will disappear.
What is the purpose of this law?
With the help of this bill, the party will strive to introduce blockchain technology into the legal framework, make this market safe and open to the general consumer. Having a clear legislative regulation, business and the state will be able to introduce cryptotechnologies into production and services much easier. In addition, the process of using cryptocurrencies for illegal activities, including drug trafficking, sponsorship of terrorism and money laundering, will be put under control.
It was also proposed to create a special National Council for Crypto Assets (CNC), which will be responsible for conducting research on the sector and creating an expert opinion on its state and development.