You Can Now Buy Property With Cryptocurrency in Brazil

Gafisa, one of the leading real estate developers in Brazil, is now accepting payments in cryptocurrencies. They accept payments in Polygon (MATIC), Cardano (ADA), Bitcoin (BTC) and Ripple (XRP) through a local crypto trader called Foxbit. Crypto Lists saw the press release from Foxbit detailing the process a customer can use to purchase real estate using Foxbit Pay.

How to Buy Property with Cryptocurrency on Gafisa

The buyer should meet up with the Gafisa salesperson to discuss the prize and payment modalities. They should sign up on Gafisa, fill out a form showing the intent and clearly outline that they want to pay using cryptocurrency, such as Bitcoin.

Officials from Gafisa will examine the intent form and tick compliance based on their parameters. Afterwards, they will share the wallet address if they are satisfied with the letter of intent.

The buyer will process the payment and send it. Gafisa will acknowledge receipt and begin processing the property ownership transfer. The process cuts off property agents, banks, other financial institutions, and payment processors. Buyers save time and money in the process. Property buyers wonder now if this will spread to even more countries? But after all, an apartment in Rio de Janeiro or São Paulo could also be a good long term investment, especially if the interest rates are falling from the current level of 12.5% to around 2% where it was before covid-19 started.

Cryptocurrency as an Enabler to Financial Independence

Gafisa business analysts studied cryptocurrency for a while, noting its growth proponents and valuation over time. The research started in February 2021, observing cryptocurrency valuation and its relevance to the current financial world. It is an innovation that not only makes it easier to purchase property but also opens doors to the international market.

Gafisa CEO, Guilherme Benevides, acknowledged the importance of cryptocurrency in financial transactions and its opportunities for investors. He singled out Bitcoin, noting its growth over the years, and the prospects it brings. As it opens up the doors to international markets, he hopes that Gafisa will be part of the revolution.

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One out of every 130 people in Brazil owns or lives in a house or property developed by Gafisa. With their public acknowledgement of cryptocurrency as a form of payment, more real estate developers will come into the fold. It is a concrete plan to grow, explore unchartered financial options and reach out to the unbanked.

Cryptocurrency transactions will help cut off intermediaries who make the property purchase process long and expensive. The process is faster, secure and verifiable. Customers can now do away with real estate agents, banks, payment processors and other interested parties.

The Brazilian Central Bank will launch its digital currency in 2022, which is a clear indicator of cryptocurrency acceptance in the market. This financial development comes at a time when more countries in the world are adopting cryptocurrency into their financial systems. If Brazil manage to launch the digital reais in 2022, it will be one of the first countries with a working digital currency given out by a government.

Cryptocurrency Regulation in Brazil

The idea was first brought to the Brazilian Parliament in 2015 by the Aureo Riberio. He sought to have cryptocurrency be included and recognised as a payment option by the Brazilian Central Bank. It then went through the system, reaching the Senate, which approved it as a payment option. However, the passage didn’t conclusively spell out the regulation procedures, leaving it to the executive to formulate.

Its acceptance, however, does not make Bitcoin or any other cryptocurrency, a legal tender. The law only spells out the provisions and guidance crypto traders should follow. The honours fall on the executive to regulate the practice or delegate it to competent agencies such as the Securities and Exchange Commission.

Other Agencies and Companies Accepting Payments in Cryptocurrencies

In April 2020, Stripe allowed Twitter creators to get paid in crypto, opening up the payment space. Other notable companies include Tesla, Microsoft, Starbucks, PayPal and Amazon. They all have one thing in common; cryptocurrency’s measure of value, especially in future trade transactions. The Wine Club, Oasis Supermercados, MercadoLibre and Sibate Supermarket in Brazil now accept Bitcoin as a payment option.

Cryptocurrency and the Future of Goods and Services Transactions

Financial regulators and central banks worldwide are embracing cryptocurrency as the future of transactions. Recently, the G7 countries met and called for global cryptocurrency regulation. The aim is to localise crypto-trading and cushion individual countries from exploitation. The Financial Stability Board is leading the charge in pushing for global digital currency regulation.

However, cryptocurrency’s propensity to grow is huge. The countries may not have the power to control their demand and supply but can issue trading guidelines and enforce punitive measures. Crypto Lists will give its readers relevant news from around the world, give updates about the stablecoin markets and any other useful cryptocurrency information for informed decision making.

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