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You Can Now Buy a Home in Rome With your Bitcoin

In Rome it will soon be possible to buy a house paying entirely in bitcoins: but there are still problems linked to the anti-money laundering legislation.

Barletta Construction is the first real estate group in the world to offer the opportunity to buy an apartment entirely in bitcoin.

The company is a rib of the Barletta Group, founded in the 50s by Raffaele Barletta, who over the course of more than sixty years of activity has carried out thousands of public and private residential projects in Central Italy.

The real estate project involves the construction of an eco-building inspired by sustainability and the future, consisting of 123 apartments in the historic San Lorenzo district of Rome, of different sizes and prices, coming on the market in October 2018.

Buying a house with bitcoin in Rome

“Buy in bitcoins and save thousands of euros on the purchase of the first house”, is the company’s slogan to incentivize the use of this form of payment for the first time in the real estate sector.

In addition to the possibility of accepting the price in cryptocurrency, in fact, the company offers substantial discounts on the purchase of the first house, guaranteed by the acceptance by the seller of the notary costs and agency fees that, depending on the cut of the property, can range between 15,000 and 45,000 euros per transaction.

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“We are the first real estate company in the world that sells in bitcoins and we decided to do it for three reasons: we believe in bitcoins; we can because the Italian Inland Revenue is one of the few in Europe to recognize cryptocurrency; there are hundreds of young bitcoin owners, millionaires, who might decide to invest a small part in a house “,

said Paolo Barletta, CEO of the group, in an interview released in 2017 at the launch of the initiative.

Although the company has not disclosed specific information in this regard, it can be imagined that the sale will take place using the euro as a currency, converted into bitcoin on the basis of the exchange, at a date that could be that of the deed or a previously agreed by the parties to contain the risk linked to the extreme volatility of the instrument.

The anti-money laundering problem remains

All issues related to anti-money laundering controls remain open, considering that a real estate operation carried out in bitcoin could expose to a suspicious transaction report by the public notary, in line with what was stated by the National Notary Council with the answer to question no. 3-2018 / B.

At that location in Notaria, it took a clear position on the delicate problems of cryptocurrencies and the traceability of bitcoin payments as part of a real estate purchase transaction, placing the emphasis on the limits of the correct identification and verification of the payment author.

Cryptocurrencies, in fact, although they are “traceable in an electronic sense”, do not allow a punctual “identification” of the subject who puts in place the operation, because the system is based on the “mere verification of IT credentials”.

 

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