In August 2017, for the first time in the new history of the Russian elite real estate market, a suburban mansion of 930 square meters. m, located in the village of Nikolino, was sold at a price of about 3 thousand bitcoins, which corresponded to 482 million rubles, or about $ 8 million US dollars. This was the first deal to buy house for bitcoin in Russia.
Diligently mined by miners, bitcoins can now be spent, for example, on a luxury mansion, house or land. In the elite housing market of Russia, a public offer appeared for the sale of a house in the village of Nikolino on the 2nd Assumption highway for cryptocurrency.
The deal was not easy, as selling homes for digital currency is a novelty even for global real estate markets. In addition, at that time, the Russian legislation had not yet determined the basic rules for working with bitcoins, and there was no legal definition for buy house for bitcoin in Russia .
So how legitimate was this deal? About this, “News of Economics” was asked by a person who is directly involved in the preparation of legislation for cryptocurrencies, one of the leading experts in the country in the field of electronic commerce and trade – Ilya Dimitrov, executive director of the Association of Electronic Trading Platforms.
“Legally, the transaction to buy a house for bitcoins in Russia at that time was in a legal vacuum, as the most vivid illustration – the question of taxation of the transaction was raised. Until regulation is established, transactions cannot be unambiguously classified as legal or not. The only official currency for settlements on the territory of the Russian Federation is still the fiat currency – the Russian ruble. However, there is no law directly prohibiting payments in bitcoins. For any consideration, everything rests on the need to create the optimal currency an equal base for using cryptocurrencies. Buy house for bitcoin in Russia
Business around the world is actively using cryptocurrencies, entrepreneurs would not do this without seeing the economic benefits. But in any case, the choice of such a method of investing remains the choice of a particular investor, with an understanding of their own responsibility for assessing risks. “
The company Kalinka Group, which sold this house for bitcoins in Russia, also commented on this story.
“For the first time, we were faced with a client’s desire to sell a house for cryptocurrency. Such deals are new to even the global real estate markets. We are pleased to be pioneers and to open new frontiers in business. In 2017, the rules on working with bitcoins have not been defined in Russian law, and “There is no legal definition of cryptocurrency yet, so we are carefully examining the possibility of such a deal. Until the regulatory framework governing such a sale, the client is forced to pay for the agency’s services in national currency. Buy house for bitcoin in Russia “
Much will depend on what status the concept of cryptocurrency in Russia will acquire. For example, in China and Switzerland, bitcoins are regarded as a tangible asset. In this case, a deal is possible under an exchange agreement. If the cryptocurrency is recognized in Russia as a type of cash, then according to the law on foreign exchange transactions, the transaction will be impossible, since the sale of real estate should be made in national currency. And since the rate of bitcoin is much more volatile than the rate of any other currency, the transfer of payment into rubles can significantly change the value of the object.
One way or another, the sale of this house for bitcoins in Russia may become a precedent in the Russian real estate market.
The absence of legislative regulation in the sphere of using cryptocurrencies in itself can lead to a shadow market, representatives of working groups, including Ilya Dimitrov, have repeatedly said this. In any case, the development of technology cannot be stopped.
“An analysis of the situation in other countries shows that most of those who rely on the growth of their economy are already working in this direction – from Japan to the Philippines. Russia should follow their example. And as soon as possible.
At present, a group of experts of the “Growth Strategy” is preparing specific proposals for changing our legislative framework. It’s important that we are heard and that Russia does not stay behind when the world transitions to the digital economy. “
Ilya Dimitrov is also one of the authors of Growth Strategy, a medium-term strategy for economic development prepared by a large group of experts on behalf of President Vladimir Putin. Dimitrov, in particular, is developing a part of the strategy, called the “Digital (Electronic) Economy”.
In Russia and in the world recently there has been a rapid increase in interest in digital currencies. Some central banks of the world have already switched to cryptocurrency testing. Among them are the Central Bank of Vietnam, Denmark and the People’s Bank of China. As reported by “Economy News”, in March, the Central Bank of Vietnam announced that it was seriously considering the possibility of using bitcoin.
The People’s Bank of China at the end of February completed a test run of the national cryptocurrency. The project was launched by a research team assembled in 2014. The National Bank of Denmark plans to issue an electronic crown. According to the authorities and the management of the bank, this will effectively save budget funds spent earlier on the issue of banknotes and coins.