In the past couple of years, Bitcoin (BTC) has managed to gain a lot of interest in the private, semi-government, and even government sectors. Just recently, there were reports that the number of people in the United States interested in Bitcoin (BTC) is surging.
There were many high-end car showrooms that reported that the number of customers buying luxury and expensive cars with Bitcoin (BTC) is constantly on the rise.
This time, it is Spain where Bitcoin (BTC) is being widely adopted by the locals. It has been reported that the number of locals purchasing houses with Bitcoin (BTC) is at an all-time high. This is all because of the constant growth and price surges that Bitcoin (BTC) is experiencing.
In a matter of 4 months, Bitcoin (BTC) has gained an enormous amount of growth in terms of adoption, price, and market capitalization. In a matter of a year, Bitcoin’s price has experienced more than 600% increase and its price is constantly rising.
Although on one side the Spanish are benefiting from Bitcoin (BTC), on the other hand, there are some issues that are being raised by the experts from Spain.
According to the experts, there are several practical as well as legal issues involved when it comes to purchasing houses with Bitcoin (BTC).
As per Donpiso’s deputy director-general, Emiliano Bermudez, the trend of purchasing houses in Spain with Bitcoin (BTC) has arrived too early. Bermudez stated that this was a development and service that was expected to be introduced in the future. However, it has already arrived in the country and now the real estate industry has to deal with it.
Bermudez stated that at present, the real estate industry in Spain or even any other part of the world is not ready to accommodate Bitcoin (BTC). There are no particular rules, regulations, policies, or procedures that have been put in place by the governments or regulators when it comes to Bitcoin (BTC).
It was just last month when a real estate company “Idealista” posted an ad for an apartment in central Barcelona that was up for sale in Bitcoin (BTC). This particular property was the first-ever national property that was put on sale in Bitcoin (BTC).
Bermudez also added that with time, the demand for payments in Bitcoin (BTC) is going to rise. However, the process of making transactions through Bitcoin (BTC) would remain to be a problem until the banks start accepting Bitcoin (BTC). And the banks would only do it when the Central Bank of Spain starts transacting Bitcoin (BTC) through its platform and approves other banks to do the same.
Although cryptocurrencies are not illegal in Spain, the regulatory infrastructure around the industry in Spain is still not that strong.