As the use of cryptocurrencies grows in popularity, an increasing number of people are turning to digital assets to buy and sell real estate.
On May 5, it was reported that a property in Braga, Portugal was sold only on Bitcoin (BTC) basis and not converted into euros. With this agreement The real estate sector has seen a first.
He bought that house for 3 Bitcoins!
T3 flat in Portugalwhich is equivalent to around 110 thousand euros It was bought for three Bitcoins. Witnesses to the signing of the deed to the apartment were representatives of real estate business Zome, law firm Antas da Cunha Ecija, Head of Notaries and other partners from Crypto Valley Switzerland.
Zome announced the development in a Facebook post, emphasizing that the firm is “at the forefront” when it comes to Web3 technology and cryptocurrency adoption:
“This deed represents a historic milestone, the transfer of a digital asset to a physical asset, a home, without conversion to any Euros. We believe that a new possible business world in real estate is opening up today!”
Web3 initiatives drive growth and value creation
Carlos Santos, Zome’s chief technology officer, thinks the deal will open up new opportunities for the company. According to Nuno da Silva Vieira, attorney for Antas da Cunha Ecija, the deal is in Portugal. “a great opportunity for growth and value creation” has the potential to be.
Other Web3-related initiatives are currently being created by Zome and will be available “coming soon,” according to the conclusion of the company’s blog post.
Until last month, buying real estate with cryptocurrencies required the buyer to first convert the cryptocurrency to euros. But since then, the Portuguese Order of Notaries has developed clear guidelines for the creation of title deeds for real estate transactions conducted entirely through digital assets.
Comparing the crypto values between the time the promissory note was recorded and the time the promissory note agreement was signed, as well as between the dates of the two documents, would be necessary to evaluate whether the transaction is legitimate if the transaction is more than 200,000.
Source: Teknolojioku Rss by www.teknolojioku.com.
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