Portugal promotes cryptocurrency as one of Europe’s most culturally diverse nations. As per rumors, a 3 BTC apartment was purchased in Braga, located north of the city.
Portugal has loosened its regulations on cryptocurrency and encouraged the use of tokens for payments. However, because cryptos have become mainstream in the United States, this isn’t the first time real estate has been sold using them.
Digital currencies have been a viable answer for corporations and individuals of each nation for more than a decade. For example, Bitcoin is utilized in real estate in the United States, Singapore, Colombia, and Portugal as the most valuable token in negotiations.
The European nation is proud to announce the sale of a 2-bedroom flat in Braga. According to reports, the property was estimated to be worth 3 bitcoins, or around 110000 euros. Zome, a real estate firm providing services to the ACE advocacy organization for some years, was involved with the transaction.
Due to the Portuguese government’s strict prohibitions against the virtual market, it was difficult to complete a real estate transaction in recent months. Nevertheless, the regulations have been relaxed, which bodes well for the crypto industry.
After the top regulatory agencies in Europe agreed that digital currencies are the future, the cryptocurrency business has advanced across Europe. Portugal is one of the newest nations to embrace cryptocurrency trading, and the real estate industry has benefited from it.
The flat in Braga that was sold using Bitcoin is only the start of a wave of crypto acceptance in Portugal. Previously, decentralized currencies could not be exchanged due to national regulations prohibiting such activity. Nevertheless, the whole atmosphere shifted, allowing Portuguese citizens to invest in, store, and transfer Bitcoin.
The nation will then enhance cryptocurrency purchases, causing its populace to become more technologically engaged. In addition, because of the low-interest rate, cryptocurrency sales in real estate are viable, and the transactions are quick.
Bitcoin is now trading at $34,000, its lowest price since the beginning of the year, although it is predicted to rise in value. Zome, the real estate business that enabled the Bitcoin apartment sale, will make more such offers in BTC and other popular currencies like Dogecoin.