Tech

Bitcoin Seals Home Purchase Deal in Portugal’s Braga, Leading to First Crypto Property Sale

A two-bedroom house in Portugal’s Braga district has been sold for three bitcoins, with no exchange for euros. The buyer bought the property by paying directly in BTC. At the time of writing, one BTC costs approximately Rs. 26.85 lakh. This deal is Portugal’s first real estate sale funded entirely in cryptocurrency. The development comes after the southern European nation recently legalized virtual currency real estate deals. The final certificate was issued on May 5th.

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

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

The head of the Portuguese Chamber of Notaries has also been kept in the loop, Bitcoin.com reported.

The “unique event” was also witnessed first-hand by Carlos Santos, Chief Technology Officer at Zome, 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 real estate deals is opening up today! We are once again at the forefront of the Web3 world and have more projects in development that will be unveiled very soon,” Zome added, hinting at more crypto-based sales to come in the coming months.

Details of these proposed deals will not be disclosed.

The Portuguese Notarial Code recently allowed real estate purchases to be completed entirely with cryptocurrencies.

According to the Bank of Spain, Portugal’s share of the volume of crypto transactions in the euro zone exceeds the weight of its gross domestic product (GDP) in the single currency area’s economy, Bitcoin.com said in its report.

The European nation has been taking pro-crypto moves for a while.

In April, the Portuguese Bison Bank bagged the licenses to operate as a Virtual Asset Service Provider (VASP) in the southern European country.

Portugal identifies cryptocurrency as a currency and not an asset. As such, there are no capital gains or personal income taxes on cryptocurrencies unless it is an individual’s sole source of income.

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

According to research firm Triple-A, over 240,000 people, 2.37 percent of the total population of Portugal, owned cryptocurrency in 2021.


https://gadgets360.com/cryptocurrency/news/portugal-house-3-btc-sale-braga-city-2959738 Bitcoin Seals Home Purchase Deal in Portugal’s Braga, Leading to First Crypto Property Sale

Ryan Sederquist

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