In Portugal last Thursday, May 5 22, an apartment was purchased in Bitcoin for the first time. The property in question is located in Braga, in the north of the country, near Porto, and was It is sold for 3 bitcoins, which equals about $100 thousand.
Selling entire real estate with Bitcoin in Portugal
The most important point of this event is the direct purchase of BTC, skipping the usual step of converting cryptocurrency into fiat currency.
We are facing an important “first time”: the first purchase and sale of a property in Europe without any conversion into euros.
All this is made possible thanks to the new regulation of the notaries’ order issued last month, which allows precisely this type of operation to be carried out. Avoid the boring traffic of switching to a Fiat orderThus harnessing the potential and effectiveness of digital currency transactions.
How to buy and what are the controls
Purchasing a property with cryptocurrency certainly reduces the number of steps and bureaucratic tasks that parties must fulfill by law, but this However, it does not lead to a lack of controls.
In fact, to make a property purchase with cryptocurrency, it is necessary to follow a series of procedures in order to Avoid practices AML (Anti-Money Laundering).
The checks made before the sale is confirmed can be summarized as follows:
- Determine the parties involved
- Check the price and type of cryptocurrency
- Understand the process of buying cryptocurrency
- Wallet contacts
- Proof of transaction at time of purchase
The controls seem somewhat more precise if the real estate transaction exceeds 200,000 euros.
A new real estate opportunity for cryptocurrency lovers
About this new opportunity seems to be there only great enthusiasm at present.
ZumiThe real estate agency that participated in the operation stated the following:
“This law represents a historic milestone, the transfer of a digital asset into a physical asset – a home – without any conversion into euros!
The future of brokerage will pass through cryptocurrency, so we believe this deal will unlock a whole new world of business potential.”
Nuno da Silva Vieiraattorney and partner in charge of the legal intelligence practice area of Antas da Cunha ECIJA, then adds:
“This type of business will experience tremendous growth, and Portugal is showing very promising signs in terms of the digital economy. So we believe that this operation can be a great opportunity for growth and value creation.”.
In light of all these facts, we can say that Portugal Once again it asserts itself as one of the most friendly European countries for cryptocurrency.
This thin strip of land overlooking the Atlantic Ocean really offers space Adequate tax system cipher holder ai, a Affordable living and an easy tax system for all expats.
So the country has become the perfect destination for all those working in the fintech sector, and this latest news can only be the icing on the cake.
From a recent report by Bank of Spain It even turns out that Portugal’s share in the volume of cryptocurrency transactions in the eurozone exceeds the weight of its GDP in the economy of the single currency area.