House in Portugal sold for 3 bitcoins

The first ever such purchase of real estate in the country was made without converting cryptocurrency into fiat money

08.05.2022 - 08:00

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What’s new? On May 5, it became known that real estate in Portugal was sold for bitcoins without conversion into fiat money. The country’s first such transaction amounted to 3 BTC ($108 204 as of May 7). The transaction was facilitated by the real estate company Zome, the legal firm Antas da Cunha Ecija, Portugal’s Chairman of Notaries, and Swiss crypto partners. According to the local news outlet Idealista, the T3 apartment was bought in the city of Braga.

Idealista’s material

Details of the deal. Until last month, to purchase real estate using cryptocurrency, buyers had to first convert their assets into euros. Recently, it has been possible to legally carry out sales and purchases using digital assets in Portugal without converting them into fiat currency. Such transactions require additional information: information about the payer’s bank account, crypto wallet address, details of the parties to the transaction, as well as confirmation of the crypto transaction.

What events happened before? In February 2022, La Haus, a Colombian real estate company, closed a deal to sell an apartment for bitcoins. The total value of the property was $98 000, meaning the buyer would pay approximately 2,45 BTC. In the same month, the first real estate purchase for bitcoins took place in Chile

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