An apartment in the Portuguese city of Braga has been sold for Bitcoin. This sale, which was realized after the law that allowed to buy real estate with digital currencies issued in the country, was worth 3 bitcoins.
Bitcoin Was Used as a Payment for Real Estate
A two-bedroom and three-room apartment in Braga, Portugal, has been sold for the digital currency bitcoin, the first in the country’s history. The buyer paid 3 bitcoins (BTC) worth about 110,000 euros for this apartment. Sources, on the other hand, confirmed that this title deed transfer took place in Porto’s Póvoa de Varzim district.
The acquisition was reportedly made with the help of real estate agency Zome, law firm Antas de Cunha Ecija, and partners at Crypto Valley in Switzerland. The President of the Portuguese Chamber of Notaries also attended.
With the New Regulation, It Is Possible to Buy Real Estate in Portugal With Digital Currencies
Thanks to a new decision adopted recently, it is now possible to buy real estate in Portugal directly with a digital currency. Even though you had a digital currency in the past, you had to convert it to Euro, which is the official currency of the country, in order to buy a real estate with it, but with the new regulation, properties can now be purchased directly with digital currencies.
Of course, while doing all these, it is necessary not to ignore the problems that may arise such as money laundering and to follow some procedures. You need to show the fiat source from which you obtained the digital currencies, like a bank account, before the transaction.
In addition, in a recent report by the Bank of Spain, it was stated that the volume of cryptocurrency transactions in Portugal exceeded the gross domestic product (GDP) in the single currency area. This new real estate regulation came to the fore after this report was published.