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@ B.
2025-03-25 07:06:47The idea of buying a house with Bitcoin in Italy is intriguing and fits into the debate on the digitalization of the real estate sector. However, despite the growing interest in cryptocurrencies, it is currently almost impossible to complete a real estate transaction using Bitcoin. But why?
The Legal Nature of Cryptocurrencies
One of the main obstacles to purchasing real estate with Bitcoin is the legal uncertainty on cryptocurrencies. In Italy, Bitcoin is not considered legal tender but rather a digital asset with a fluctuating value.
The Italian law requires that real estate transactions be conducted using state-recognized financial instruments, such as EURO. Additionally, the purchase contract must be drawn up in front of a notary, and the payment must be made through traceable methods to ensure transaction transparency and prevent money laundering.
One of the pillars of Italy’s real estate system is money traceability. Anti-money laundering regulations require that all significant transactions be executed through traceable instruments.
Cryptocurrencies, on the other hand, are decentralized and often provide a degree of anonymity in transactions, making it difficult to verify the origin of funds. This conflicts with the legal requirement to demonstrate the lawful source of money used for real estate purchases.
The Role of the Notary and Operational Challenges
To complete a real estate transaction in Italy, a notary must be present to certify the legality of the transaction and ensure that the payment is made in compliance with the law. Currently, a notary cannot accept Bitcoin payments because it is not considered legal tender.
The only way to use Bitcoin in a real estate transaction would be to convert it into euros before the sale. However, this negates the advantage of paying directly with cryptocurrency and introduces additional costs, such as conversion fees and potential capital gains taxes.
Lack of Specific Regulations
Other countries have started regulating real estate transactions in cryptocurrency, but Italy still lags in this area. Without a clear regulatory framework recognizing Bitcoin as an accepted means of payment in real estate, it is difficult to envision any short-term changes.
Some private initiatives have attempted to bypass this issue by offering sales in Bitcoin, but in practice, these transactions involve the seller accepting Bitcoin and immediately converting it into euros before the notarial deed. This does not represent a true real estate transaction in cryptocurrency but rather an alternative payment method before the finalization of the sale in euros.
A Possible Future?
For now, buying real estate with Bitcoin in Italy remains more of a theoretical concept than a concrete possibility. To make this payment method a reality, legislative changes would be needed to: 1. Recognize cryptocurrencies as a legal payment method. 2. Define clear procedures to ensure the traceability of Bitcoin transactions. 3. Establish mechanisms for the immediate and certified conversion of cryptocurrencies into euros at the time of the notarial deed.