A Venezuelan purchased an apartment using cryptocurrency, specifically Tether. The purchase was made in the coastal state Anzoategui. This is the first time that crypto has been used to buy real estate in Venezuela. However, there are more properties that accept cryptocurrency as a payment option at several real estate companies in the country. Venezuela.
Venezuelan buys real estate property using Tether
Unidentified Venezuelan citizen purchased property using USD, the stablecoin issued last month by Tether in Anzoategui (a coastal state in the country). According to Carlos Grau, Grau Real Estate director, who assisted with the sale, the citizen purchased the property using the stablecoin due to its ease of transactions. Grau said CriptonoticiasThis was a huge improvement over traditional financial tools, which can take a while to complete the transaction.
Because a letter must be sent to announce the receipt of the funds, this operation can take between eight and ten business days. The transaction was completed instantly using cryptocurrency. Only two phones were required to close the deal. There is no chance of fraud or scams.
The apartment was sold at $ 12,000 and the transaction was done in crypto. However, the ownership document must reflect the amount in national currency as records don’t yet accept payments. In Venezuela, cryptocurrency is accepted.
Real estate is closer to accepting cryptocurrency
A representative of a regional property company stated that, even though this transaction is unique in Venezuela, the industry has been moving closer to cryptocurrency acceptance. According to him, the market for real estate is adapting to the changing needs of many people who are selling their properties.
He said that the dollar is still the most commonly used currency for these transactions.
The market is becoming more open to cryptocurrencies. Although many people aren’t comfortable with them, they trust them enough to be able to sell their properties.
These sales are usually paid in dollars – either in cash, or by international transfers into US-based accounts. Banks have often blocked accounts due the large amount of funds received. The transactions can be done almost instantly because cryptocurrency bypasses middlemen. The representative said that as more sales include crypto as a payment option, people will feel more confident using digital assets.
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