Bitcoin is used in real estate transactions for the first time in Portugal

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2022-05-12 02:27:26

On May 5, for the first time, an apartment in Portugal was purchased with cryptocurrencies without converting to fiat. This is a three-room apartment with two bedrooms, located in the city of Braga, that is being sold for 3 BTC, or about $100,000.

Bitcoin is used in real estate transactions for the first time in Portugal

The first Bitcoin-paid real estate deal

According to Portuguese local media, this is the first deal in history since the country allowed cryptocurrency trading.

This is also the first time real estate sales in Europe do not need to be converted to euros. This is all thanks to a new provision of the Notary Order that was announced last month. This new regulation allows this type of activity to be carried out precisely without going through cumbersome fiat currency conversion steps, in order to exploit the potential and efficiency of digital currency transactions. .

The apartment was sold for Bitcoin with the participation of real estate agency Zome, law firm Antas da Cunha Ecija and partners from Switzerland’s Crypto Valley. In addition, the President of the Portuguese Notary Chamber also participated. Title deed was delivered and completed in Porto’s Póvoa de Varzim district on 5 May.

On the personal Facebook page, the representative of Zome company emphasized:

The event represents a historic milestone, for the transformation of digital assets into physical assets – a house – without conversion to euros.

The development of the crypto space in Portugal

This Bitcoin real estate deal is just the beginning of crypto adoption in Portugal. Previously, cryptocurrencies were not allowed to be used in transactions due to the prohibition of national laws. However, now any Portuguese citizen can invest, store and transfer Bitcoin.

The country also said it would improve purchases with cryptocurrencies. This is aimed at helping the country’s people become more involved in technology, making Portugal a home for digital nomads.

Portugal is competing in finding ways to invite companies and Bitcoin enthusiasts to grow its economy. In addition to the latest regulations that allow the purchase of real estate directly with bitcoin, the country is also known for not collecting capital gains tax from crypto investors.

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