👨‍🦳Background

The Digital Era in the Real Estate Sector

Cryptocurrencies have been adopted in various sectors, with the real estate sector being one of the sectors that has embraced this innovative alternative payment method to fiat money. Cryptocurrencies, also known as digital currencies, are a digital medium of exchange that began operating with the emergence of Bitcoin in 2009.

These virtual assets, also known as cryptocurrencies, derive their name from their encrypted nature, as they are protected through encrypted coding. They also utilize a decentralized transaction system known as blockchain, and therefore, they are not controlled by a bank or government.

Justification

In different parts of the world, cryptocurrencies have been used for various purposes, including as an alternative means of payment to legal tender, and the real estate sector has found usability in this regard. We use the term alternative because the stakeholders in the legal business base it on the exercise of autonomy of will to generate lawful agreements. The parties involved have the freedom to choose their preferred means of payment, whether it be legal tender or their preferred cryptocurrency, and can document it, for example, in a property purchase contract. In other words, by exercising their autonomy of will, the parties have decided to use a cryptocurrency as a means of payment, and this agreement is perfectly legal.

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