Are you looking to buy real estate in Brazil? It is now possible to do so using Bitcoin. TECNISA, a Brazilian real estate company based in Sao Paolo, accepts bitcoin. In addition, TECNISA provides incentives to its clients to use bitcoin. For example, for every R$ 10,000…
To enable bitcoin payment TECNISA has partnered with Bitinvest, a financial services provider based in Sao Paolo. Flavio Pripas, Bitinvest’s CEO, said: “We offer through our platform faster, cheaper, more secure and transparent financial services – the partnership with TECNISA will serve as an example of how this new technology can facilitate the day-to-day lives, both for low-value transactions and for high-value transactions as the purchase of a property.”
TECNISA have provided details on how to pay for a property in bitcoin on their website. When a client wants to buy property using bitcoin, he will need to let his agent know about his desire to buy using bitcoin. Then after the transaction, it is recommended that the client sends an email provided on the website.
The transaction is handled by Bitinvest, who call the client to explain the bitcoin transaction procedure. All transactions in bitcoin are handled exclusively by Bitinvest. After completing the transaction, Bitinvest sends the client a confirmation message. TECNISA then uses the completed transaction to work out the 5% bonus which is added automatically.
Companies like TECNISA and Bitinvest contribute to a narrative that suggests a bright future for bitcoin in Brazil. Currently, Brazil leads the Latin American continent in the number of wallets downloaded with close to 90,000 wallets downloaded. Brazil is followed by southern neighbor Argentina with close to 40,000 wallets downloaded. Brazil has also moved to enable the use of digital currencies through legislation. For example, Law No 12,865 has created the possibility for the normalization of mobile payment systems and the creation of electronic currencies.
Brazil’s population of around 200 million, and its sheer economic muscle could effectively combine to make mass adoption of bitcoin a reality in the country. Bitcoin would be good for Brazil in a number of ways. It would help in bringing the costs of remittances abroad down. It would also help in enabling the huge numbers of unbanked Brazilians easily transact on the internet.
Were Brazil to leverage all its advantages, it would easily dislodge Argentina that leads in the bitcoin innovation space in Latin America. Argentina has taken to bitcoin due to its many economic woes. Several companies such as Bitpagos have been set up in Buenos Aires to enable the wider acceptance of bitcoin.
Other Latin American countries such Bolivia and Ecuador have banned the use of bitcoin in their jurisdictions. Venezuela is said to be mulling a ban as well. Colombia, Argentina and even Brazil itself have also issued warnings on the use of bitcoin.
It is possible that these moves by Latin American central banks may be just teething problems. However, if more established businesses like TECNISA provide bitcoin as a means of payment, it could present governments on the continent with the visible proof of bitcoin’s efficacy.
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Last modified: January 25, 2020 10:05 PM UTC