Real estate and cryptocurrency: an apartment was sold for 3 Bitcoins in Portugal
On June 5, an anonymous owner of an apartment in the Portuguese city of Braga sold it for 3 bitcoin without converting it to fiat money. As a result, interest in cryptocurrency transactions is rising. In turn, it has the potential to expedite sales and reinvigorate the real estate market via cryptocurrencies.
The residence cost the buyer 3 BTC ($108,335 at the time of writing), according to Idealista. The magazine recalled that owners and real estate brokers were permitted to interact with digital assets in April. Previously, the buyer had to convert them into fiat currency.
In February 2022, a family from the Netherlands who had put all of their money in bitcoin announced their decision to relocate to Portugal by citing the government’s unwavering support for cryptocurrency. However, cryptocurrencies were the least popular financial instrument among respondents in a study conducted by the country’s National Council of Financial Supervisors.
Benefits of cryptocurrency when buying a real estate
According to the widespread thoughts, there are the following advantages of crypto when it comes to real estate:
- Transaction participants are kept anonymous. As a result, the state or other authorities are unable to track the transaction.
- Settlement time is reduced globally: a transaction may be completed in less time than a standard bank-financed real estate deal. In the United States, the quickest transaction was registered in 10 minutes.
- When transferring funds through banks, the commission % is minimal.
- The value of cryptocurrency is unrelated to swings in fiat currencies (such as the euro or the dollar) and is unaffected by the country’s political status.
Portugal is recognized for its steadfast stance on cryptocurrencies; whereas China officially outlaws mining and transactions involving cryptocurrency. On the other hand, Portugal provides several options for crypto-enthusiast. For example, because the several crypto coins are not legal there, they are not taxed, while some residents may even pay for electricity with bitcoins, and regulators favor enterprises involved in blockchain and cryptocurrency operations.
In terms of cryptocurrency integration into the banking system, Bison Bank was the first Portuguese bank to be granted a Banco de Portugal Virtual Asset Service Provider (VASP) license. According to the ECO, Bison Digital Assets would establish a dedicated subsidiary to serve as a cryptocurrency exchange and custodian. Bison Bank underlined that it will be the first bank-owned legal entity in Portugal authorized to provide deposit and trading services for digital assets.
Bit4you, a Belgian cryptocurrency trading platform, offers its European customers to explore the benefits of crypto trading. The blockchain industry is fast expanding and conquering new sectors and markets. As a consequence, bit4you assists its customers in understanding the cryptocurrency market and offers a full-fledged wallet management solution. Customers may buy, sell, and trade cryptocurrency, as well as use the Demo mode and start staking.
Furthermore, the bit4you website has built an education section for everyone interested in learning more about the cryptocurrency industry. After studying at the Academy, you are free to develop and test your trading techniques based on your own experience and preferences. Please, however, appreciate our frequently updated cryptocurrency list as well as the most recent news that we offer by email.
Valentyna Bereza, Team bit4you.