The cryptocurrency market is attracting attention from investors in the Brazilian real estate market as it allows those who reside outside of Brazil to transfer values to the country in a quick and secure manner.
Even though the Brazil’s Central Bank does not officially accept cryptocurrencies as a payment method, the mode of exchange has evolved to the point where it is now widely used. A perfect example for this is the participation of corporations listed on a stock market.
Bitcoin’s usage is growing
Guilherme Augusto Soares Benevides, Chief Executive Officer of Gafisa Incorporadora e Construtora in Sao Paulo, said that the market’s expansion has broadened the currency’s use.
“Bitcoin is the largest cryptocurrency in market value and it is a currency that is growing in popularity every day, also expanding the possibilities of its use. There is a natural tendency to digitize payments. If we stop to think that the Central Bank will launch the digital real in 2022, we can conclude that, in fact, digital currencies are increasingly present in the world.”
How Bitcoin is used to purchase property
Customers at Gafisa are required to fill out an intent form before they can buy an apartment with bitcoin. The company will conduct a thorough analysis of this form. If the offer is accepted, the customer is obligated to deposit the specified amount into the broker’s wallet so that the broker can facilitate the property purchase transaction.
According to Gafisa’s CEO:
“There is no way to do business without accepting crypto as a form of payment, because in addition to representing another way that the buyer can choose to make the payment – focus on Customer Experience – the use of currency promotes the best for our consumers.”
It’s also worth noting that, as the use of cryptocurrencies grows in popularity, a property in Braga, Portugal, was sold entirely on the basis of Bitcoin, with no conversion into euros. This transaction was a first in the real estate industry.