Real estate investment company London Wall is promoting its own six-story stucco-fronted mansion nearby Portobello Road in Notting Hill, London, England for £17 million. The catch is the Organization’s owners will only take the electronic money Bitcoin for a form of repayment, The Standard accounts:
In accordance with London Wall co-founder Lev Loginov, their goal in accepting just Bitcoin as payment is to pioneer Bitcoin trades in Great Britain.
“We want to shift all the perceptions on cryptocurrency. We think in future it is going to eliminate the need for solicitors and property title and is really going to change how real estate transactions are conducted. We would like to be the first company to transact in Bitcoin. It can be done quicker, more efficiently and it is much easier to deal with than using banks, which are putting in unnecessary over-regulation.”
In the present market rate for Bitcoin, the cost equivalent of this mansion is approximately 5,050 Bitcoins.
Potential problems and other Specifics
Based on Loginov, there’ll be problems they will need to fix at consummating a deal, like the question of how to pay commission on the estate representatives along with the stamp duty into the Her Majesty’s Revenue and Customs (HMRC). The land is expected to activate a £1.95 million stamp duty bill.
Loginov, nevertheless, said he’s convinced that all problems will be solved according to his prior experiences.
“I grew up in Siberia [after] the Soviet Union collapse in the Nineties. We had no money, and barter was a common thing. We were exchanging potato bags for TV sets and cars. I’m sure leading London agents can figure out how to take commissions for a £17 million property in cryptocurrency and I have full faith in HRMC to figure out how to tax it.”
This type of move sets apart this expanding tendency in which cryptocurrency is your favoured type of payment to get property bargains. Since the worth of Bitcoin rises, we will keep on seeing increasingly more property owners encouraging Bitcoin payments rather than conventional payment methods.