London Realtors Will Only Accept Bitcoin For $22.6 Million Mansion

London Realtors Will Only Accept Bitcoin For $22.6 Million Mansion

Lev Loginov, the co-founder of property investment company London Wall, which acquired the $22.6 million Notting Hill mansion in London four years ago, has revealed that the company will only accept Bitcoin payments for the sale of its property.

In an interview with local news publication EveningStandard, Loginov and his company explained that they aim to encourage the usage of Bitcoin in the UK real estate industry with its recent sale,as Bitcoin eliminates the necessity of intermediaries and provides a significantly easier, cheaper, and simpler platform for settling payments. He stated:

“We want to shift all the perceptions on cryptocurrency. We think in future it is going to eliminate the need for solicitors and property title and is really going to change how real estate transactions are conducted. We would like to be the first company to transact in Bitcoin. It can be done quicker, more efficiently and it is much easier to deal with than using banks, which are putting in unnecessary over-regulation.”

While the sale of London Wall’s multi-million dollar Notting Hill mansion is not the first Bitcoin-related real estate sale in London, it is the first sale to only accept Bitcoin as a payment method.

Already, Loginov disclosed that several buyers have expressed their interest in buying the property,including an Asian entrepreneur who is familiar with Bitcoin and the cryptocurrency market.

In the traditional financial market wherein banking transfers and fiat payments processed by financial institutions, taxes and regulatory hurdles are handled by third party service providers, which in most cases would be local commercial banks. But, with Bitcoin, Loginov emphasized that the taxation of the sale and incentive for commissioners would have to be facilitated independently.

“I grew up in Siberia post the Soviet Union collapse in the Nineties. We had no money, and barter was a common thing. We were exchanging potato bags for TV sets and cars. I’m sure leading London agents can figure out how to take commissions for a £17 million property in cryptocurrency and I have full faith in HRMC to figure out how to tax it,” explained Loginov.

According to the various market data providers and trusted financial consultancy firms, multi-million transactions through banks and financial institutions could cost senders upwards to tens of thousands of dollars. Recently, a study revealed that a $100,000 is likely to cost senders an average fee of $4,500, which could increase to tens of thousands of dollars depending on the amount that is processed by the bank.

More to that, banks require an inefficient procedure of verification, processing, and authorization, which could result in weeks or even months of delay for both realtors and buyers. As a decentralized financial network and a peer-to-peer protocol, Bitcoin eliminates such inefficiency by allowing realtors and buyers to process deals in a distributed and transparent ecosystem, with significantly lower costs and reduced verification periods.

Author : Joseph Young

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