Venezuela’s Most Expensive House Put up for Sale at $20m, Owner Will Accept Crypto

Real estate Venezuela
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Tim Alper
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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Source: Wit/Adobe

Venezuela’s most expensive house has been put up for sale – and its vendor is willing to accept payment in crypto. Tokens are widely accepted as a form of payment throughout the Latin American nation, but the sale of the $20 million property would be a major landmark for crypto adoption in the country.

The nation’s government – which is thought to have considerable bitcoin (BTC) and ethereum (ETH) reserves – has pushed the idea of a crypto-powered economy. It has also launched its own oil-backed coin, named the petro (PTR), partially in a bid to circumnavigate international sanctions imposed upon it by the USA and its allies. Many state-owned organs also operate crypto mining operations.

But should a buyer decide to pay in crypto for the property, it would be a major turning point for crypto’s cause in the private sector – with most adoption-related breakthroughs thus far taking place in the remittance field. Supermarkets and other stores accept BTC and other coins, but large-scale crypto-powered real estate deals remain terra incognita in Venezuela.

The house, the media outlet Amando reported, is a mansion belonging to the brother of the founder of domestic banking giant Banesco. The media outlet explained that the property has a commanding view of the capital, Caracas.

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It was listed for sale earlier this year for an asking price of $26 million, and features 14 bedroom suites, 20 bathrooms, a bar, an elevator, a cinema, a chapel, a gym, a hair salon, massage room, a swimming pool, tennis and basketball courts, parking space for 12 vehicles, and 15,000 square meters of land.

However, its owner has now dropped his asking price down to $20 million – and told real estate agencies that he is prepared to accept crypto as a form of payment.

More Houses Sold for Crypto in Venezuela?

The media outlet quoted Centeno Díaz, the Founder of InmuebleCoin, a domestic real estate startup, as stating that most crypto-powered property deals in the nation have thus far involved transactions worth less than $50,000. Buyers and vendors, Díaz added, tend to be “young people with considerable knowledge of the [crypto] industry.”

Díaz also noted that “there are no statistics on the volume of real estate transactions carried out in cryptocurrencies” – and that local law did not specify how crypto-powered deals should be calculated.

As such, the InmuebleCoin chief concluded, vendors and buyers hoping to trade real estate for tokens needed to negotiate their own contractual terms – and not rely on legal systems to help.

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