Cryptocurrencies in Buying, Renting, and Anticrético Contracts in Santa Cruz | Criptomonedas en compraventa, alquileres y anticréticos en Santa Cruz

By Erika Ibáñez, La Razón:

According to the president of the Santa Cruz Real Estate Chamber, transactions with USDT are still limited; however, they have become an alternative to the shortage of U.S. dollars.

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Cryptocurrency use is growing in the country. Photo: Social Media

In Santa Cruz, real estate can now be bought, sold, rented, or even put under anticrético [a Bolivian real estate contract where a tenant pays an upfront lump sum to live in a property, and the money is returned when the contract ends] contracts using cryptocurrencies, said Franz Rivero, president of the local Real Estate Chamber.

“From the Santa Cruz Real Estate Chamber we’ve seen that some clients are offering the possibility of purchasing properties with USDT (digital dollar),” he told Unitel.

Although transactions with cryptocurrencies remain low in volume, Rivero pointed out that they are emerging as a new alternative to the lack of U.S. dollars in the country.

“There are also limited rental opportunities, mainly in corporate real estate rather than housing, where owners are requesting payment in USDT,” he added.

USDT (Tether) is a virtual asset backed by a fiat currency such as the U.S. dollar.

Rivero explained that many people now see the need to open an account or use a platform to exchange cryptocurrencies given the scarcity of dollars in Bolivia.

He admitted that Bolivia is still far from the level of other countries in terms of cryptocurrency transactions, but noted that usage is gradually increasing.

“Even though people see the need for a crypto exchange account or platform, we still don’t have a fully developed crypto-economy for real estate payments,” he said.

Cryptocurrencies

The Real Estate Chamber president also emphasized that in Bolivia, the U.S. dollar remains the strongest currency.

“We hope that people continue to learn more, get used to using it, and eventually choose this method for buying, renting, or entering into anticrético agreements for real estate,” he stressed.

The use of cryptocurrencies in Bolivia has gained ground as a response to the dollar shortage, which has even led to the emergence of a parallel market where the dollar trades above Bs 13.

Cryptocurrencies are decentralized digital assets, not controlled or backed by any central bank, and their exchanges do not require intermediaries.

Their transactions are managed through decentralized databases, usually a blockchain.

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