Venezuelan buys an apartment for $12,000 with USDT

Tue 17 Aug 2021 ▪ 13h00 ▪ 2 min de lecture - par Katie Donaldson

A Venezuelan man has reportedly purchased an apartment for 12,000 Tether (USDT), making the deal one of the first real estate purchases with crypto to be recorded in the country. 

Crypto sales in real estate

According to Carlos Grau, manager of Grau Real Estate, the company that assisted with the sale, the apartment’s previous owner and the buyer agreed to this type of payment simply because of its simplicity. 

The parties involved used the Binance exchange to send and receive the funds. The transaction was over in minutes, which all participants called a big improvement on how these sales are usually handled using traditional finance tools. Venezuela also allows taxes to be paid in cryptocurrencies.

“An operation of this kind takes between eight and ten days because you have to send a letter announcing that the funds will be received. When using cryptocurrencies the transaction was immediate, only two phones were necessary to close the deal. There is no risk of fraud or scams,” Grau said.

What the future holds

Such sales are becoming more and more common when it comes to the real estate industry. However, Venezuelans reportedly still prefer to make transactions in dollars. 

According to an unnamed representative of the regional real estate business, banks often block accounts due to the large influx of funds received. Cryptocurrency bypasses the middleman and allows these transactions to be almost instantaneous. As more sales include crypto as a payment method, people will feel more confident in the use of digital assets.

Although any cryptocurrency can be used in transactions, enthusiasts advise to minimize the risks of volatility by using stable cryptocurrencies or stablecoins pegged to the US dollar.

A young Venezuelan used the stablecoin Tether (USDT) to buy an apartment for $12,000 (~£8,700). This is the first such case of using cryptocurrency in a real estate deal for Venezuela.

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Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

Les propos et opinions exprimés dans cet article n'engagent que leur auteur, et ne doivent pas être considérés comme des conseils en investissement. Effectuez vos propres recherches avant toute décision d'investissement.

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