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In Portugal, an apartment was sold in bitcoin, a first in Europe

May 5, 2022: the day is historic for the Portuguese and European real estate market. That Thursday, a three-room apartment was bought in Braga, in the north of Porto in Portugal with … 3 bitcoins. For the first time, the transaction was carried out only with this cryptocurrency, reports the Portuguese media Idealista May 6. In this country, using such currency has become possible thanks to a new rule adopted by the Portuguese Order of Notaries. Concretely, the purchase was based on an exchange: the buyer gives his cryptocurrency to the seller and there is an exchange of digital currency against the right to property.

“This act represents a historic step, the transfer of a digital asset to a physical asset – a house – without any conversion into euros”, underlines Zome on his Facebook account, which participated in the purchase operation with the lawyers . However, the sale required a special procedure, heavier than that which applies to conventional sales in euros, notes Idealista.

The origin of the buyer’s funds, the path of the funds to bitcoin, the digital wallet numbers, and more were scrutinized to ensure that anti-money laundering laws money were well respected. The three bitcoins exchanged for ownership of the house would amount to 110,000 euros, specifies BFM TV Tuesday, May 10. It remains to be seen whether the operation was interesting for both the buyer and the seller. Since November, bitcoin has lost 50% of its value. This Tuesday, May 10, it fell below 30,000 dollars for the first time before rising to 30,800 dollars.

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