A Melbourne home for sale in The Basin could become the first property in Australia bought with the digital currency Bitcoin.
The vendor of the home in the city’s outer east are willing to accept Bitcoin in a huge mainstream breakthrough for the cryptocurrency, and it opens a Pandora’s Box of questions about the legality and logistics of digital currency property transactions.
In a similar way that Uber threw a spanner in the works of the transport industry, the entry of Bitcoin into property sales will have governments sweating on the need for regulations and guidelines on the process.
Harcourts listing agent John Garnett told Domain this is the first time he has used digital currency in real estate.
“I’ve never had anyone transact in it,” he said.
“There’s a few logistics we still have to iron out.”
“We’ve got to be careful because the state revenue office will want the stamp duty to be paid on market revenue.”
Another problem with buyers using Bitcoin to buy property is the digital currency’s history of fluctuations and volatility.
According to Domain, Consumer Affairs has confirmed that it’s legal for the deposit or settlement amount to be paid in any asset, including Bitcoin, as agreed between the buyer and seller.
Can you see yourself in a few years hopping into a driverless car to your new house that your just bought using Bitcoin?
The future is here people.
