Citing the ease of transactions, a young Venezuelan bought an apartment using cryptocurrencies, specifically USDT. The transaction with stablecoins issued by Tether was conducted entirely through the Binance platform.
A real estate purchase in stablecoin
According to the media outlet Criptonoticias, a Venezuelan citizen purchased a $12,000 apartment using the Tether-issued stablecoin, USDT, in the coastal state of Anzoategui.
The buyer chose this payment method because of the ease of transactions. In addition, the transaction would have been carried out through the exchange Binance.
“The transaction was carried out instantly. This is a big step forward from the way these sales are usually handled using traditional financial tools. A transaction like this takes eight to 10 days, as a letter announcing the receipt of funds must be sent. Using cryptocurrencies, the transaction is immediate, only two phones were needed to close the deal. There is no risk of fraud or scam”Carlos Grau, director of Grau Real Estate.
However, even if the transaction was made in cryptocurrencies, the property document must mention the amount in national currency. This is because national registries do not yet accept documents reflecting payments in cryptocurrencies.
A real estate market that is opening up to cryptocurrencies
According to the local daily, Venezuela’s real estate sector is reportedly turning to cryptocurrencies as an alternative payment method.
While this transaction remains the first of its kind for Venezuela, the sector is moving closer to wider acceptance of cryptocurrencies.
Again in the words of Carlos Grau:
“While the dollar remains the most widely used currency for these transactions, crypto-currencies are increasingly taking over the market.”
Moreover, many examples can be cited as to the use of cryptocurrencies in real estate. Indeed, during the month of May 2021, a luxury real estate complex in Miami offered apartments for sale by accepting Bitcoin (BTC) or Ether (ETH) as a means of payment.
Finally, we should also mention that in the state of Rhode Island, in the United States, a piece of land was purchased using Dogecoin (DOGE), for a value of 50,000 dollars.