Argentina, an important player in Latin America in the crypto market is experiencing a new interest in buying apartment and houses using BTC and other cryptocurrencies. According to a Tweeter publication an individual sold his house for Bitcoin after publishing the ad online.
Bitcoins for Houses
Around the world, the famous virtual cryptocurrency has been used to buy different products and services. Companies are even using it to pay employees or suppliers. There have been some experiences about using BTC to pay for homes, and now Argentina can be added to the list of countries using cryptos to buy properties.
It is important to mention that Argentina has a very week currency, one of the highest inflation rates all over the world, and a population that trusts the US dollars, but not its ‘Peso.’
Derecho enZapatillas, an important Twitter account that talks about law in simple terms, wrote that one of its followers sold a home for Bitcoin:
“I sold my home to a buyer after publishing it online and with a 3d virtual tour, I received Bitcoin, without real estate commissions and without a notary. Everything has been broadcasted on the blockchain, without having to register to the real estate regulatory office. Welcome to Argentina 2030.”
Le vendí mi casa a un comprador tras publicarla online y con tour virtual 3d, le cobré en bitcoin, sin comisión inmobiliaria y sin escribano. Y quedó asentado en blockchain sin registro de la propiedad inmueble. Bienvenidos a Argetina 2030. #FuturoEnZapatillas
— Derecho enZapatillas (@dzapatillas) July 4, 2018
At the moment, there are different groups in Facebook where users sell and buy properties using Bitcoin and other cryptocurrencies. In Argentina, most of the properties are valued in dollars rather than in Argentine Pesos.
Bitcoin may be a great alternative to reduce costs, banking commissions and more. And indeed, some banks in the country are already using the famous cryptocurrency to send and receive international payments.
The real estate transaction has generated some debate in the community. Some legal issues arise and are not easy to solve. The legal system should have to be changed in order for these transactions to be under the law and compliant with the current regulatory framework.
There has been no information about whether there is an intention to modify that or not, but until now it seems far from being a reality. In the future, as more transactions start to take place, it could be possible to see regulatory changes that would allow the country to embrace cryptocurrencies.
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