Real estate sold for cryptocurrency for the first time in Europe

The first transaction of its kind was signed yesterday in Portugal — real estate was purchased directly for bitcoins without conversion to euros. The apartment was bought in Braga, the cost was 3 BTC, which is approximately 102,000 euros. In Portugal, and in Europe in general, such a transaction was unique in its kind. From the legal point of view, everything is legal — 100% cryptographic transactions took place. Through an exchange: the buyer transfers his cryptocurrency to the seller and the digital money is exchanged for the property right. Such legal relationships became possible due to changes to local laws that came into effect in the first half of April. The law also stipulates that the owner of the cryptocurrency will be able to prove the source of its origin and the explanation will satisfy the local authorities. In the case of purchases of real estate worth 200 thousand euros or more, inspections are expected to be more thorough. The government aims to protect against massive money laundering.