One-Of-A-Kind Step: Home Directly Purchased Via Just 3 BTC

A Portuguese home purchaser just carried out a Bitcoin real estate purchase, and no conversion to euros was needed.

This contract required a few additional steps, but it marks the first-of-a-kind utilization of BTC.

More and more regions are now contemplating on adopting Bitcoin.

Bitcoin has witnessed yet another unprecedented move. The first-ever Portuguese real estate buy has been successfully carried out via Bitcoin (BTC) without even converting back to fiat currency.

A local news outlet, Idealista, recently reported that this deal was for a T3 apartment in Braga, which cost the purchased exact 3 BTC. At current prices, which is approximately 108,000 dollars, or 102,000 euros.

Only until last month were the folks required first to convert their holdings into euros when it came to buying real estate, but then Portugal’s Order of Notaries has developed a set of clear rules on how to form deeds for the sale of real estate via cryptocurrencies.

Portugal Quite Inclined Towards Cryptocurrencies

According to the real estate company Zome, which highlighted on its Facebook page, this deed signifies a historic milestone, the transfer of a virtual asset to a physical asset, a house without any conversions to euros.

This group took part in the deal along with the Portuguese Chairman of Notaries, the Antas da Cunha law firm, and some other crypto-focused partners. Although this deed did require some additional details, which are usually not needed in a normal contract.

These details comprised the bank account of the payer, the network address, the digital asset utilized (BTC), the entities indulged, and the proof of the transaction taking place.

Furthermore, the authorities need to be notified if the transaction extends to 200,000 worth of euros. And the crypto prices would be needed to be compared from the deed date to that of the promissory note.

A lawyer at Antas da Cunha, Nuno da Silva Vieira, highlights that virtual currencies are a good opportunity for value creation and growth in the region. And that this kind of business would have an exponential surge, and Portugal is directing towards very promising signs in terms of the digital economy.

Many countries and regions are turning their heads towards Bitcoin and other altcoins as actual currencies. And even the regulatory authorities are not raising many questions on that.

Recently Lugano, Switzerland, decided to make Bitcoin official money for its Italian-speaking residents. More and more of them have started to give this idea a thought. It is to look forward to how the leading crypto asset emerges in its adoption.