Portugal: an apartment sells for 3 Bitcoins (BTC) without even being transformed into euros

An apartment sold in Bitcoin in Portugal

At northern Portugalin the Braga citywhere sits the majestic Santuario do Bom Jesus do Monte, an unusual real estate transaction took place.

For the first time in the history of the country and more broadly of Europe, an apartment has been sold in Bitcoin (BTC) without the latter even being transformed into euros.

Indeed, following a new regulations of the Order of Notaries effective since last month, it is now possible to buy real estate in Portugal paying only in cryptocurrencies.

A case of this order is settled in the same way as a usual transaction, the 2 parties sign a deed of sale, and the buyer obtains the right of ownership after paying the agreed sum beforehand to the seller of the property.

This new type of transaction heralds a new era according to Zomethe real estate company that handled the sale of the property in collaboration with a law firm:

โ€œThis act represents a historic step, the transfer of a digital asset to a physical asset – a house – without any conversion into euros. ยป

Note that until now, it was already possible to afford real estate by paying in cryptocurrencies, but the latter had to be converted into euros for the operation to be possible. From now on, these transactions can be carried out directly in Bitcoin, without any prior transformation or conversion.

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Real estate and Bitcoin: a formula for success

Since last year, favorable measures to the union of the real estate market with that of cryptocurrencies are more and more numerousand this internationally.

In Spainnot far from where this unusual transaction took place, a bill was proposed last year by the People’s Party in order to be able to allow Spanish real estate companies to use cryptocurrencies to be able to take out loans.

On the side of America, it’s society Magnum Real Estate Group which announced that it was now accepting cryptocurrencies as a means of payment last September, like the company Mercado Libre which had made a similar announcement in the Latin American market.

More recently, it is the property developer DAMAC Propertieslocated to Dubaiwhich advertised to accept Bitcoin as a method of payment for goods available for sale in the region.

As for Portugal, this is an additional opportunity for the coastal country to show interest and openness to cryptocurrencies.

Indeed, it is an attractive country for Bitcoin holders, since there, they are totally exempt from capital gains tax as long as it is not related to the professional field.

๐Ÿ‘‰ To go further: Tesla believes that cryptocurrency is an alternative to cash

Source: Idealista

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About the Author : Maximilien Prue

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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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