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In Portugal the first house sold in bitcoin

Опубликовано: 11.12.2022

Are we really at the dawn of a real https://propertiesbaymx.com/property_location/real-estate-tulum/ estate market where the trading currency is bitcoin? Or, more simy, in Italy as in Portugal, is the purase of houses in cryptocurrency just the latest symptom of an escape from an asset, the cryptographic one, whi entered a phase of crisis after the 2021 exoit? The answer may lie somewhere in between, as always. The fact is that, in a small town in the Portuguese hinterland, for the first time in Europe an apartment was sold in bitcoin. You got it right: there were no exanges with the euro or with other legal tender currencies. All under the eye – and stamp – of the president of Portuguese notaries. In Italy, on the other hand, real estate agencies can use bitcoin, but only as a unit of the good old barter.

Is it possible to buy a house with bitcoin? The answer is yes, but with different shades of gray. If by "buying a house with bitcoin" we mean that cryptocurrencies are used as money, the answer is no, at least if you are in Italy. In fact, article 1277 of the Civil Code establishes that pecuniary debts are extinguished only with currency having legal tender in the State. Cryptocurrencies are not legal tender. Unless you are in El Salvador. That said, cryptocurrencies can be used as a unit for bartering. The important thing is that the buyer and seller agree and assign the crypto a "value" objectively attributed by both. He recognizes it also the Revenue Agency : cryptocurrency is an "alternative to traditional currency" and its circulation is based "on the voluntary acceptance by market operators" who recognize its "exange value".

Bartering via cryptocurrency – I give you bitcoins and in exange you give me the house – is the system used by the Luxforsale agency, an Italian real estate atform that deals with luxury apartments, including the first Italian property sold in cryptocurrency, at the end of May of this year : an apartment worth 940 thousand euros in Milan. In this case, the insistence of the seller, a well-known figure in the city who is also passionate about the crypto world, was decisive. Among other things, included in the purase, the same seller promised the certification of the uniqueness of the property through Nft. And Luxforsale has no intention of stopping here, having already created a special section for all those who, among their three thousand sellers, want to sell in cryptocurrency (bitcoin but also ethereum) by making agreements with the most important exanges.