On May 5, real estate in the Portuguese city of Braga was sold for bitcoins (BTC) without subsequent conversion to euros. Perhaps this transaction marks a new chapter in the real estate sector.
The T3 apartment was purchased for three bitcoins, the equivalent of about 110 thousand euros. Participants in the signing of the deed for the apartment building were representatives of the real estate company Zome, the law firm Antas da Cunha Ecija, the chairman of the notary’s office and other partners of Crypto Valley Switzerland.
This act represents a historic milestone, the transfer of a digital asset into a physical asset of a house without any conversion into euros. We believe a new world of real estate business is opening up today! – Zomewrote in a post on Facebook.
The company is also working on Web3-related initiatives, which will soon be presented to the public.
Until last month, buying real estate for cryptocurrencies required the buyer to convert cryptocurrencies into euros.
Since then, however, the Order of Notaries of Portugal has developed clear instructions on how to execute documents for real estate transactions that are conducted exclusively using digital assets.