Man Purchases Residential Apartment against Tether in Venezuela

The Venezuelan real estate sector is adopting crypto on a fast pace basis. An owner of the cryptocurrency has made his first purchase of a residential apartment by paying in Tether. In Venezuela, this is the first purchase of an apartment against the payment of cryptocurrencies. There is a huge influx of further properties which too are seeking payment in crypto against selling ownership rights.

It has been reported in the local press in Venezuela that a citizen has purchased a residential apartment against payment in crypto. The news revealed that an unidentified man used USDT i.e. Tether for the purchase of an apartment in Anzoategui. In the real estate history of Venezuela, there hasn’t ever been any property purchase made against crypto. The recent sale is the first one recorded in real estate history.

The property was sold through a local real estate agent known as Grau Real Estate. Carlos Grau, the agency’s manager, said that selling property through crypto was a wonderful experience for him as well as for the agency. He also said that the processing of payment was simplest and relatively very easy as compared to cash transactions. He also told that the transaction was supervised under his watch and the speed of the transaction was phenomenal. He claimed that this is a great improvement and the whole real estate sector should adopt the usage of virtual currencies.

Grau said that usually they do transactions in cash. However, the purchaser, as well as the buyer, are afraid of handling huge amounts of cash. Even if they are sending the money through banks, there are problems too. For instance, a deal has been made that the payment will be effected in 3 days’ time. However, when the cheque goes to the bank, it takes 2 to 3 days time to transfer. This creates problems between the buyer and the seller as well as for the real estate agent, handling the transaction. He said that paying through crypto is a ground-breaking achievement and he would like to do further transactions based on crypto.

According to further details, it was informed that the apartment was purchased by the crypto owner for a sum of US$ 12 K. However, the registration document does not reflect that the property was sold in crypto. In fact, it shows that the property was sold against a price of “US$ 12,000”. This is the reason because the registry offices in Venezuela do not recognize the crypto payment mechanisms. In order to avoid any complications, the seller and purchaser agreed that the registry should make mention of USD instead of crypto.

It is said that now the real estate sector of the country is seeking to explore the crypto payment scenario. There have been further properties listed with estate agents, which too seek to receive payment in crypto.