Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
After Portugal published the new regulation, ownership deals in cryptocurrencies are allowed, without fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. money.
A few days ago it was reported the sale of an apartment in Portugal, which changed hands after the buyer paid directly in cryptocurrencies.
According to domestic media, it is the first crypto real estate transaction without fiat money intervention to be made public in that country.
The property was purchased for 3 bitcoins without conversion to euros under a new regulation that allows real estate transactions with digital currencies.
The purchased apartment consists of two bedrooms, living room, kitchen and bathroom, and is in the Portuguese city of Braga. The interesting thing is that it was made with cryptocurrencies without any conversion to fiat money.
The new owner paid 3 bitcoins (BTC) for the house, valued at about 110,000 euros (about USD $114,000) at the time of purchase. The value on Thursday, May 12, a week after that sale, was about USD $86 thousand, according to data from CryptoMarkets .
The title deed was transferred in the Póvoa de Varzim district of Porto on Thursday, May 5, the business news portal reported. Idealist.
La compra se realizó con la ayuda de la agencia inmobiliaria Zome, the law firm Antas da Cunha Ecija and partners of Crypto Valley from Switzerland. The President of the Portuguese Association of Notaries also participated.
In a publication of Facebook, Zome stressed that there was no need for conversion to euros.
“This deed represents a historic milestone, the transfer of a digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset to a physical asset, a house, without any conversion to euros” he wrote.
Regulation in favour
Buying property directly with cryptocurrencies is now possible in Portugal thanks to a new provision adopted in April by the Order of Notaries, the body that regulates notarial activities together with the Ministry of Justice.
En el pasado, las monedas tenían que convertirse a euros antes de realizar un pago al vendedor. Ahora, en cambio, la adquisición de inmuebles puede ser una operación 100% cripto, en la que se intercambia el dinero digital por los derechos sobre la propiedad.
Certain procedures must be followed in making such sales to comply with anti-money laundering regulations. The source of the trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. funds (a bank account) with which the digital assets were purchased must be indicated and the source of the funds must be indicated. the public address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. of the cryptographic wallet a place where cryptocurrency users can store, send and receive digital assets. must be submitted before transferring the coins.
The news of the ownership deal with crypto funds comes after a recent report from the Bank of Spain revealed that Portugal’s share in the volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of crypto transactions in the eurozone exceeds the weight of its gross domestic product (GDP) in the euro area economy.
With relatively affordable living costs and a cryptocurrency-friendly tax regime, Portugal has become a hub for digital nomads, especially from the crypto ecosystem, and, more recently, for Ukraine’s cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. sector refugees . Profits from the sale of bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and the like. are not subject to income tax in the country.
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