Prior to making a payment to a vendor, the coins had to be changed to euros. Real estate acquisitions can now be conducted entirely in cryptocurrency, with digital currency being traded for property rights.
To comply with anti-money laundering regulations, certain procedures must be followed when conducting such sales. Before the coins are transferred, the source of the fiat cash—a bank account—with which the digital assets were purchased must be specified, as well as the public address of the crypto wallet.
A three-room (two-bedroom) apartment in Braga, Portugal, was purchased entirely with bitcoin, with no exchange to fiat cash.
The new owner paid 3 bitcoins (BTC) for the house, which was worth roughly 110,000 euros at the time.
The title document was transferred this past Thursday, May 5, in Porto's Póvoa de Varzim district, according to the business news website Idealista.
Real estate agent Zome, law company Antas da Cunha Ecija, and partners from Switzerland's Crypto Valley assisted with the transaction. The President of the Portuguese Chamber of Notaries was also present.
In Portugal, thanks to a new provision recently established by the Order of Notaries, buying property directly with bitcoin is now allowed.