Bitcoin Seals House Purchase Deal in Braga, Portugal Makes for First Real Estate Sale with Crypto

A two-bedroom house in Portugal’s Braga district has been sold for three bitcoins without conversion to euros. The buyer purchased the property by paying directly in BTC. At the time of writing, the price of one BTC is around Rs. 26.85 lakhs. The deal marks Portugal’s first real estate sale, financed entirely in a single cryptocurrency. The development comes after the southern European nation recently legalized real estate deals with virtual currencies. The final deed was transferred on May 5.

Zome, a Portuguese real estate agency, facilitated the sale with the help of law firm Antas da Cunha Ecija and partners from Switzerland’s Crypto Valley.

“The first public deed for the sale of a cryptocurrency house in Europe was carried out today with the participation of Zom. This deed represents a historic milestone, the transfer of a digital asset to a physical asset – a house – in euros. even without conversion,” Zome wrote in a facebook post,

The president of the Portuguese Chamber of Notaries was also kept in the loop, informed of.

The “unique phenomenon” was also first witnessed by Carlos Santos, chief technology officer of Zom, Nuno da Silva Vieira, partner at legal intelligence firm Antas da Cunha ECIJA, and Paulo Cardoso do Amaral, professor at the Catholic University of Lisbon. ,

“We believe that a new world of potential business is opening up in the real estate sector today! Once again we are at the forefront web3 world, and we have other projects in development that will be submitted very soon,” Zom said, pointing to more crypto-based sales in the coming months.

The details of these scheduled deals remain unknown.

Portugal’s Order of Notaries recently allowed real estate acquisitions to be completed entirely with cryptocurrency. said in its report that according to the Bank of Spain, Portugal’s share of crypto transaction volume in the eurozone exceeds the weight of its gross domestic product (GDP) in a single currency region economy.

The European country has been taking pro-cryptocurrency moves for some time.

back in april, Portugal’s Bison Bank has acquired a license to operate as a Virtual Asset Service Provider (VASP) in a Southern European country.

Portugal identifies cryptocurrency as a currency rather than an asset. Hence, there are no capital gains or personal income taxes. cryptocurrency Unless it is one’s only source of income.

The country is reportedly planning to accelerate blockchain development as part of its roadmap for the digital future.

according to research firm triple AMore than 240 thousand people, 2.37 percent of the total population of Portugal, owned cryptocurrencies in 2021.

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