For the first time, real estate in Portugal was purchased without conversion to fiat money, directly paid in Bitcoin.
According to a report by the local newspaper Idealista, it was a first in the country. Although it requires some additional steps, this is the first time a real estate has been purchased in the country by paying Bitcoin directly. The property was purchased for 3 BTC, which corresponds to roughly 102,000 euros ($108,000).
Buying real estate with crypto assets required buyers to convert their holdings into euros first until last month. Also, the country’s notary law has set clear rules on how to create title deeds for real estate sales made directly in crypto. Real estate company Zome said in a statement on the subject:
“This deed represents a historic milestone, the transfer of a digital asset to a physical asset – a house without conversion into euros.”
In the process of creating the deed, there is some information in addition to the ordinary details such as the relevant Bitcoin address and proof that the crypto transaction took place.
