Portuguese Buyer Purchased His Home Using 3 Bitcoin: Report

A Portuguese buyer just purchased his home using 3 BTC and facilitate a bitcoin real-estate purchase without having to convert to euro first so let’s read more today in our latest Bitcoin news today.

The purchase requires a few extra steps but most importantly the purchase didn’t include conversion from BTC to EUR.
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The first-ever Portuguese buyer to buy a house by using BTC happened recently for a t3 apartment in Braga and cost 3 BTC exactly which is about 102,000 EUR or 108,000 USD. Until last month, buying real estate using crypto required buyers to convert their holdings to euros but the Portugal Order of Notaries established clear rules on how to form deeds for the sales made in digital assets. The real estate company Zome announced:

“This deed represents a historic milestone, the transfer of a digital asset to a physical asset – a house – without any conversions to euros.”

The company participated in the deal alongside the Antas da Cunha law Firm, the Portuguese Chairman of Notaries, and other partners. The deed creation process required more details that are not required for the creation of the ordinary contract and these included the bank account of the payer and the digital asset involved, the network address and all parties involved as well as the proof of crypto transaction taking place. If the transaction surpassed 200,000 EUR in value, the authorities will have to be notified and the crypto prices need to be compared from the date of the deed to that of the promissory contract. The lawyer at Antas da Cunha Nuno da Silva Vieira thinks that digital currencies are a great opportunity for growth and value creation in the region, and said:

 “This type of business will have an exponential increase and Portugal is showing very promising signs in terms of the digital economy.”

The global south is turning to BTC and other crypto coins as actual currencies and the regulatory assurances which allow them to be used as such. The Central African Republic became the second country to establish BTC as a legal tender and Panama also legalized the use of crypto for tax payments and doesn’t place capital gain taxes on digital assets. Latin American Proptech company La Haus started accepting BTC for home payments via OpenNode which sold a Mexican apartment for 5.78 BTC In January.