The news about a recent purchase of house property for 3 Bitcoin was recently recorded in the Southwestern European country of Portugal. Local media outlets reported that the purchase contract was finalized in the form of 3 Bitcoins, and the sellers did not request to convert the 3 Bitcoins into euros. The report was shared by the largest real estate website in the region called Idealista.
The news further informed that the home that sold for 3 Bitcoin was classified as a T3 apartment situated in the city of Braga. At the current market value, the price of the house was estimated at 102K euros or $108K. Cryptocurrency proponents around the world are citing this as an example of how blockchain enterprises will change the traditional financial infrastructure around the world.
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Not only cryptocurrency proponents but the real estate organizations around the world are also citing the example. The latest example is Zome real estate which shared the Portuguese Bitcoin sale on its official Facebook page, citing it as a historical milestone. It is worth noting that till last month, the buyers and sellers in Portugal were unable to finalize any real estate purchase without converting the tokens into fiat currencies or euros.
Order of Notaries hailing from Portugal took hands into its matters and issued guidelines for creating a legally binding deed for the purchases made directly in the form of cryptocurrencies. Zome real estate was among the organizations that participated in the event, alongside a law firm called Antad da Cunha and several cryptocurrency organizations.
Rise of Crypto Payments
According to the chairperson of the Portuguese Order of Notaries, the deeds for real estate transfer of ownership require some additional entries in comparison to the de facto deeds, such as network address and proof of cryptocurrency transaction. Nuno da Silva Viera is a lawyer hailing from the Antas da Cunha law firm who recently claimed that Portugal is fertile for the possibility of digital economy development and cultivation.
Meanwhile, there are countries like El Salvador, CAR, and Panama that have already recognized Bitcoin as a legal tender under their jurisdiction. The first-ever real estate purchase with Bitcoin was commenced by a Latin American firm called La Haus. La Haus enabled crypto payments in association with OpenNode. The firm later sold a house in Mexico for 5.78 Bitcoin in January this year.