Since the cryptocurrency market enables those who reside outside of Brazil to transfer values to the nation in a rapid and secure manner, it is an appealing choice for investors in the Brazilian real estate market who are located anywhere around the globe, according to a report by Brazilian outlet livecoins on May 23. Despite the fact that Brazil’s Central Bank does not recognize cryptocurrencies as a form of payment, the mode of exchange has developed to the point where it is now widely used. The participation of corporations listed on a stock market is evidence of this widespread use.
Bitcoin’s usage growing
Guilherme Augusto Soares Benevides, Chief Executive Officer of Gafisa Incorporadora e Construtora in Sao Paulo, said that the growth in the market is significant, which broadens its use as a currency.
How the property is purchased with Bitcoin
Gafisa requires its customers to fill out an intent form before they can pay for an apartment using bitcoin, and then the company does an in-depth analysis of the form. If the offer is accepted, the customer is obligated to provide the specified sum to the broker’s wallet so that the broker may facilitate the transaction of purchasing the property. According to Gafisa’s CEO: It’s also worth mentioning as the use of cryptocurrencies grows in popularity, that just two weeks ago, a property in Braga, Portugal was sold exclusively on the basis of Bitcoin, with no conversion into euros taking place. With this deal, the real estate business saw a first of its sort.
