• As the real estate market warms up to cryptocurrency, a Venezuelan buys an apartment using Tether

  • Last month, a Venezuelan individual reportedly purchased an apartment in the coastal state of Anzoategui using cryptocurrency, specifically Tether. This is one of the first crypto-based real estate purchases in the country, but more properties are listed as accepting cryptocurrencies as a payment option in several real estate businesses throughout Venezuela.

    Tether is used by a Venezuelan to purchase real estate.

    Last month, an unidentified Venezuelan citizen purchased a property in Anzoategui, the country’s coastal state, using usdt, the stablecoin issued by Tether. According to Carlos Grau, manager of Grau Real Estate, the company that assisted with the sale, the citizen purchased the property using the stablecoin because transactions are simple. Grau told Criptonoticias that the transaction was completed in an instant, which is a significant improvement over how these sales are typically handled using traditional finance tools.

    According to Grau:

    Because you must send a letter announcing that the funds have been received, this operation takes between eight and ten days. When using cryptocurrencies, the transaction was instantaneous; only two phones were required to complete the transaction. There is no possibility of fraud or scams.

    The apartment was sold for $12,000, and while the transaction was conducted in cryptocurrency, the property document had to reflect the amount in terms of the national currency, because Venezuelan registries do not yet accept documents indicating cryptocurrency payments.

    The Real Estate Industry Moves a Step Closer to Cryptocurrency Acceptance

    According to a representative from a regional real estate firm, while this transaction is the first of its kind in Venezuela, the industry is getting closer to widespread cryptocurrency acceptance. According to him, the real estate market is adapting to the needs of many people who are selling their properties.

    While the dollar remains the most commonly used currency in these transactions, he stated:

    Cryptocurrencies are occupying an increasing amount of market space. Many people still do not trust them, but because many people here need to sell their properties, they are open to different proposals, including payment in cryptocurrency.

    The majority of these sales are paid in dollars — in cash — or via international wires to accounts in the United States, but banks have frequently blocked accounts due to the large influx of funds received. Cryptocurrency eliminates the middleman, allowing for near-instant transactions. People will feel more confident in using digital assets, according to the representative, as more sales include crypto as a payment method.

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