Tuesday, July 27, 2021

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    Bitcoin debuts in Mexico in the purchase of an apartment

    Contrary to the rejection of the financial authorities Mexicans on the use of the Cryptocurrencies, practical examples of this technology continue to be presented in day-to-day operations in the country.

    For example, on June 30, the first payment of an apartment located in Ajijic, Jalisco, using bitcoin, in an operation for 700 thousand pesos.

    In an interview with this newspaper, Enrique Figueroa, general manager of Fiber GDL, firm that decided to accept bitcoin as an alternative means of payment, pointed out that the value of the property is 4 million 201 thousand 750 pesos.

    He explained that the transaction was made through the Mexican platform for buying and selling Bitso cryptocurrencies, in which the entrepreneur George Goodman, founder of the financial technology firm Xifra, made the deposit of a bitcoin to the bank account of Fibra GDL.

    Read also: Before cryptocurrencies it is best to prevent, not demonize them

    “In the contract comes that advance of bitcoin and monthly payments and a final payment come. It is a normal contract of a purchase and sale where it is also stipulated that bitcoin can be used as an alternative means of payment,” Figueroa said.

    Fiber GDL currently has pre-sales development Agora Ajijic, in Jalisco, with apartments of 120 square meters and where one of the main attractions is that bitcoin is accepted as an alternative means of payment.

    According to the executive, the operations are also being managed through the external platform of purchase and sale of Cryptocurrencies, which will “freeze” the price of bitcoin at the time a trade is made, in order to fix its value because of the continuous movements it has in the market.

    Figueroa explained that they are currently developing several establishments such as gym, food chains, restaurants, as well as the sale of apartments, in which the alternative payment method will be bitcoin.

    Read also: Sitting down they’re going to wait for bitcoin

    “It’s very simple, it’s like when you go to a coffee shop or a clothing store and you have a gift card. It’s a lot like using your phone app and paying.”

    To formalize the operation, the executive explained that much of the contract for the purchase and sale of the property is in Mexican pesos; however, the intention is that this type of transaction can be carried out entirely with bitcoin.

    “In this case, he gave us the hitch and we put in the contract, for making it already legal, 18 payments with subscriptions of 111 thousand 208 pesos, and a final payment in the delivery of one and a half million Mexican pesos, but the idea is that this contract is re-signed and that it is paid 100% in bitcoin. That’s the idea,” he said.

    Figueroa estimated that in the short term the real estate market will adopt 100% digital platforms for its operations, with technology such as blockchain, in addition to the common use of Cryptocurrencies as a means of payment.

    Read also: No to Bitcoin, they respond to Banco Azteca

    “We believe it’s going to be a reality. We are talking about bitcoin right now, but we see that cryptocurrencies are going to be the future. That’s why we’re adapting to this model of change,” he said.

    Frequent use

    While the Bank of Mexico and the Ministry of Finance and Public Credit (SHCP) maintain their stance and warn users to keep their distance from cryptocurrencies, mainly because of the high volatility of their price, the digital assets as bitcoin are an increasingly frequent means of payment in the country. They are even used to send remittances from the US through cryptocurrency buying and selling platforms.

    “Cryptoassets are mechanisms for storing and exchanging information electronics, they have no intrinsic value and their technological characteristics may have diverse future uses that can determine their value,” Banxico said on June 28.

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