An apartment in Braga, Portugal, has sold for three Bitcoin (BTC) in what is reportedly the country’s first-ever BTC real estate transaction that wasn’t converted to fiat.
According to a report from local real estate publication Idealista, a buyer took possession of a new flat in the northern Portugal city for 3 BTC on May 5th following rule changes that allow real estate agents to sell properties for cryptocurrency directly.
Before the new rules were changed last month, all crypto transactions for real estate in Portgual had to first be converted to euros at the time of purchase in order for the seller to pass on ownership.
ZOME, the real estate agency in charge of the transaction, wrote about the sale on Twitter. According to the agency, it was the first full-crypto real estate transaction in Europe.
“The first Public Writing of the sale of a house with a cryptocurrency in Europe was held today with the participation of ZOME, in conjunction with the society of lawyers Antas da Cunha ECIJA, the Bastonario of Notaries in Portugal and other partners of Crypto Valley, Switzerland,” they said.
“This writing represents a historical milestone, the transfer of a digital asset to a physical asset – a home – without any conversion for euros. We believe a new world of possible business in real estate opens today!”
In a statement to the media, Nuno Da Silva Vieria, a lawyer involved in the transaction, said that he believed these types of transactions would begin to rise in prominence.
“This type of business will see an exponential increase and Portugal is showing very promising signs in terms of the digital economy, so we believe that this operation can be a great opportunity for growth and value creation…”
According to local news publication Expresso, had the deal exceeded over 200,000 euros, certain restrictions would have applied.
Portugal is known for being friendly towards the digital asset industry and being a tax haven for crypto investors. The country follows EU guidelines on crypto regulation, but Portuguese authorities designate cryptocurrencies like any other currency rather than “assets.”
In 2016, Portugal announced that all retail trades of cryptocurrency would be non-taxable events.