In Portugal, a three-room apartment sold for 3 bitcoins, or approximately 110,000 euros at the time of signing.
This is a first in Europe: a real estate transaction was entirely made in cryptocurrencies, without conversion into euros, reports Idealista.
It is in Portugal, more precisely on the side of Brega, that an apartment was sold for 3 bitcoins, or approximately 110,000 euros at the time of the signing of the deed of sale. This transaction was made possible by a new regulation of the Portuguese Order of Notaries, which dates back a month, and which now allows this type of payment.
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A historic milestone
With this new regulation, the two parties sign a deed of sale in the usual way, the buyer being able to exchange his cryptocurrencies against “the right to property”. Before this new regulation, when buying a house, you had to convert cryptocurrency into euros to complete a transaction.
“This act represents a historic step, the transfer of a digital asset to a physical asset – a house – without any conversion into euros”, underlines the real estate company Zome which participated in the operation with a law firm.
This new type of payment is accompanied by new procedures, in particular to combat money laundering.
“If the real estate transaction with cryptocurrencies had exceeded 200,000 euros, in addition to the prior communications mentioned, the operation should be reported to the authorities and the value of the cryptocurrencies on the date of the promissory contract should also be compared with their value on the date of the act, emphasizes Expresso.