Venezuela buys apartment with Tether as real estate market warms to crypto

The Venezuelan National reportedly bought an apartment in the coastal state of anzoategi last month using cryptocurrency, specifically Tether. This is one of the first real estate purchases with cryptocurrency registered in the country, but more real estate is listed in various real estate companies in Venezuela that accept cryptocurrencies as payment method.

Venezuelan Buys Real Estate With Wire Rope
An unidentified Venezuelan National bought property in the country’s coastal state of Anzoategi last month with USDT, a stable coin issued by tether. The citizen bought the property with a stable coin because of how simple the transactions were, according to Carlos Grau, manager of Grau Real Estate, a company that helped sell it. Grau told Criptonoticias that the deal was completed immediately, greatly improving how these sales are usually carried out using traditional financial instruments.

Grau:

Such a transaction takes eight to ten days, because you need to send a letter informing you that the money will be received. The transaction was instant while using Cryptocurrency, only two phones were needed to close the transaction. There is no risk of fraud or fraud.

The apartment sold for $ 12,000, and although the deal was made in cryptocurrency, the property document must specify an amount according to the national currency, as records have not yet accepted documents due to payments in the cryptocurrency in Venezuela.

Real estate inches closer to adopting cryptocurrency
Although the deal is the first of its kind for Venezuela, the industry is moving closer to broader adoption of cryptocurrencies, according to a representative of a regional real estate company. According to him, the property market is going through the process of adapting to the needs of many people selling real estate.

Although the dollar is still the most used currency for these transactions, he said:

Cryptocurrency

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