A real estate purchase in stablecoin
According to media outlet Criptonoticias, a Venezuelan citizen allegedly bought a $ 12,000 apartment using Tether’s stablecoin, the USDT, in the coastal state of Anzoategui.
The buyer has chosen this method of payment because of the ease of transactions. Additionally, the transaction was reportedly done through the Binance exchange.
“The transaction was completed instantly. This is a big step up from how these sales are usually handled using traditional financial tools. A transaction of this type takes between eight and ten days, since a letter must be sent announcing the receipt of funds. Using cryptocurrency, the transaction is immediate, only two phones were needed to close the deal. There is no risk of fraud or fraud, ”said Carlos Grau, director of Grau Real Estate.
However, even if the transaction was made in cryptocurrency, the ownership document must mention the amount in national currency. Indeed, national registers do not yet accept documents reflecting payments in cryptocurrency.
A real estate market that opens up to cryptocurrencies
According to the local daily, the real estate sector in Venezuela is turning to cryptocurrencies as another method of payment.
While this transaction remains the first of its kind for Venezuela, the industry is moving closer to broader acceptance of cryptocurrencies.
Always according to the words of Carlos Grau:
“If the dollar remains the most used currency for these transactions, cryptocurrencies are taking more and more place in the market. “
Moreover, many examples can be cited regarding the use of cryptocurrencies in real estate. Indeed, during the month of May 2021, a luxury real estate complex in Miami offered apartments for sale by accepting Bitcoin (BTC) or Ether (ETH) as a means of payment.
Finally, let us also mention that in the state of Rhode Island, in the United States, a piece of land was purchased using Dogecoin (DOGE), for a value of $ 50,000.
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About the Author: Anthony Bassetto