According to news reports, a Venezuelan individual last month bought an apartment using cryptocurrencies, especially Tether, in the coastal state of Anzoategui. It is one of the first real estate purchases with cryptocurrencies that are registered in the country, but several properties are classified as acceptable cryptocurrencies as a payment option in many Venezuelan real estate businesses.
Buy Venezuelan real estate using Tether
An unknown Venezuelan citizen bought a property with usdt last month, stabillcoin issued by Tether in Anzoategui, a coastal state of the country. Carlos Grau, managing director of Grau Real Estate, a sales assistance company, said that the citizen bought the property using stabilcoins. Grau told Criptonoticias that the transaction took place immediately, which is a big step forward in the fact that these sales are generally handled with traditional financial instruments.
An operation of this type takes between eight and ten days because you have to send a letter informing you that the funds will arrive. By using cryptocurrencies, the transaction was immediate, only two phones were needed to close the deal. There is no risk of fraud or scam.
The apartment was sold for $ 12,000, and although the transaction was made in cryptocurrency, the real estate document had to reflect the amount in national currency because the records do not yet accept documents that reflect the payment of the Venezuelan cryptocurrency.
The real estate sector is getting closer to accepting cryptocurrencies
According to a representative from a regional real estate business, although this deal is the first of its kind for Venezuela, the industry is getting closer and closer to the broader acceptance of cryptocurrency. According to him, the real estate market is in the process of adapting to the needs of people who sell real estate.
Although the dollar is still the most widely used currency for these transactions, he stated:
Cryptocurrencies are occupying more and more space in the market. Still, many do not trust them, but since many here have to sell their property, they listen to various suggestions, including payment in cryptocurrencies.
Many of these sales are paid for in dollars, cash, or by international transfer to accounts based in the US, but banks have often blocked accounts due to large inflows of money received. The cryptocurrency bypasses the middle man and allows these transactions to be almost instantaneous. According to the MP, as more and more sales include cryptocurrency as a payment method, people will have more confidence in using digital devices.
What do you think about selling the property in cryptocurrencies? Let us know in the comment section below.
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