The story comes to us from Portugal, near Braga where a real estate sale recently allowed a buyer to pay for his property in BTC. Without having to go through a transfer in fiat currency. If the example is still isolated today, it could stimulate momentum in the years to come .
An operation made possible by the Order of Notaries of Portugal!
Eldorado of crypto in Europe, Portugal therefore continues to promote digital assets to attract investors from all over the world. Advantageous taxation with an absence of taxation on capital gains, facilitation of the use of digital assets as a means of payment, the reforms are well underway to attract cryptophiles from all over the world.
In this favorable context for digital assets, the order of notaries of the country of Salazar has recently introduced new provisions concerning transactions carried out using digital assets. For several weeks now, it has been possible to buy real estate by paying for it in cryptocurrencies . Without having to go through a fiat currency conversion like the euro or the dollar.
It is this new regulation that allowed a Lusitano buyer to acquire an apartment in the city of Braga. In exchange for 3 BTC. A sale notably assisted by the local real estate actor Zome who is delighted with this first:
This act represents a historic step, the transfer of a digital asset to a physical asset – a house – without any conversion into euros.
European Union regulations could change everything!
Since the beginning of the Ukrainian crisis, the political will of authorities to control digital assets has been further strengthened. It could also jeopardize Portuguese regulations. But for that, it is still necessary that the member countries agree on a common regulation . A regulation that would then take precedence over the various national laws.
Anyway, for this operation, the buyer obviously had to show his credentials. In particular, by providing explanations and documents validating the origin of the funds. The conclusion of the sale also required proof of the transfer between the portfolio of the buyer and that of the seller .
The volatility of cryptos remains a major obstacle!
Investing in stone is often presented as an investment for a good family man . Therefore, it is difficult to imagine doing business with assets as volatile as cryptocurrencies.
In order for this example to be generalized, it therefore appears necessary for the crypto market to first reach a certain form of maturity. A sine qua none condition for reducing volatility . If many see digital assets as the means of payment of tomorrow, the nature of the goods is also of crucial importance in the use of these means of payment. The risks of buying a loaf of bread or an apartment in Bitcoin are obviously not the same.
Be that as it may, for many observers, it is the multiplication of the use of digital assets as a means of payment that will make it possible to completely democratize cryptocurrencies. And to play favorably on the valuation of the market. At first, it’s a safe bet that this type of initiative will remain marginal.