Can you Purchase a Property Without Cash? Beware of the Dangers
Cryptocurrency (such as Bitcoin) has been on the rise in the last decade. More and more people are becoming interested in moving their money from banks into this digital form of currency. The question arises in the property market as to whether you can buy or sell a house in cryptocurrency. Even if you could purchase a property what are the risks and how does the law treat cryptocurrency. We will answer these questions below.
Is there precedent to sell and buy property with cryptocurrency?
While property sales by cryptocurrency have not entered the mainstream property market, there have been properties listed where sellers have listed a property accepting cryptocurrency as the purchase price. Australian Property Law has not yet regulated the use of cryptocurrency. The Real Estate Institute of Queensland has approved cryptocurrency for use to buy and sell properties in Queensland, but have warned the current property infrastructure