Bitcoin seals a house purchase agreement in Portugals Braga and makes for the first real estate sale with cryptocurrency

Bitcoin seals a house purchase agreement in Portugals Braga and makes for the first real estate sale ...

A two-bedroom home in Portugal has sold for three Bitcoins without conversion to Euros. This transaction is Portugal''s first real estate sale, solely funded in a cryptocurrency. The development follows a recent legalization of virtual currencies. The final act was transferred on May 5.

With the help of Antas da Cunha Ecija, a law business in Portugal, and partners from Switzerland''s Crypto Valley, Zome was facilitated the sale.

In a Facebook post, Zome described the first public deed for the sale of a house with cryptocurrency in Europe. This deed represents a historic milestone, the transfer of a digital asset to a physical asset a house without any conversion to euros.

Bitcoin.com reports that the chairman of the Portuguese notaries was also kept in the loop.

Carlos Santos, the Chief Technology Officer at Zome, Nuno da Silva Vieira, the partner at Antas da Cunha ECIJA, and Paulo Cardoso do Amaral, a professor at the Catholic University of Lisbon, witnessed the unique event.

We believe that today is the start of a new world of opportunity in the real estate sector! Once again, we are at the forefront of the Web3 world, and we have several other projects in the pipeline, according to Zome, as well as hinting that more crypto-based sales will be planned in the coming months.

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Details of these scheduled deals are still unveiled.

The Order of Notaries of Portugal has recently allowed real estate acquisitions to be completed fully with cryptocurrency.

Portugal''s contribution to the volume of crypto transactions in the eurozone exceeds the weight of its gross domestic product (GDP) in the single currency area''s economy, according to Bitcoin.com''s report.

For a while, the European nation has taken pro-crypto steps.

Bison Bank of Portugal has given its licenses to operate as a virtual asset service provider (VASP) in the southern European country back in April.

Bitcoin is designated as a currency rather than an asset. Consequently, there are no capital gains or personal income taxes on cryptocurrency unless it is a person''s only income.

As part of its digital future roadmap, the country is reportedly planning to boost blockchain development.

In 2021, over 240 thousand people, 2.6 percent of Portugal''s total population, owned cryptocurrency, according to research firm Triple-A.