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Latin American countries accept Bitcoin payments for houses

Real estate businesses in Colombia, México, Costa Rica, El Salvador, Panamá, Argentina, Brazil, and Chile are already accepting Bitcoin and other cryptocurrencies as payment for the purchase or renting of property.

Latin American countries accept Bitcoin payments for houses

Image Source: Biz Toc

Real estate businesses accept crypto as payment for the purchase or renting of property

La Haus, a proptech firm with operations in Mexico and Colombia, as well as many others across Latin America, announced on Wednesday that it will accept Bitcoin for the purchase of homes or real estate development and investment projects.

According to the company, this is Latin America’s first completely integrated digital home-buying procedure. Users will be able to use the Lightning network and the OpenNode cryptocurrency payment processor for transactions.

Although the purchase and sale of real estate with Bitcoin are not new in Latin America, as it has been going on since 2014, what is notable this year is the tremendous expansion that the crypto-driven real estate sector is witnessing.

Real estate companies have recently begun to accept BTC investments to fund home projects.

According to La Haus, Mexico will soon launch the first completely integrated digital procedure with cryptocurrencies in Latin America. Kahaal, a premium condominium in Playa del Carmen, will be the location.

The company began in Colombia and has now extended to Mexico, where it is involved in a variety of real estate projects. In a statement, Rodrigo Sánchez-Ros, the President and co-founder of La Haus, said, “Bitcoin has had a special adoption in Latin America for its convenience and security in making transactions and investments, and allows to attack clear problems in the region: inflation and the high percentage of people neglected by banks or unbanked.”

Soon, all of the company’s properties with more than 80,000 units will be able to use this payment method. The goal is to boost yearly sales volume, which is now at $1 billion.

The Argentine e-commerce firm MercadoLibre, which has a presence throughout the area, is another company relying on real estate transactions in BTC. Last April, the company added a real estate segment to its digital marketplace, allowing users to buy and sell homes and other real estate using Bitcoin.

In Argentina, BTC helped to alleviate the dollar scarcity caused by the government’s exchange control, which was implemented this year to try to limit permanent gains in the US currency.

Cryptocurrencies were seen by real estate companies as a route out of the monetary crisis, and they are now giving this new option to buyers and investors. The strategy ensured that housing and office sales in the South American country did not drop anymore.

“Bitcoin is an additional method of payment for me, as it can be used in conjunction with cash or a bank transfer. It’s a mechanism that makes it possible to move money in new ways “According to Gabriel Brodsky, CEO of Predial, one of the country’s leading real estate enterprises, iproup.com.

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Also read: 58% of video game developers are already using blockchain

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