A newly-built 5,000-square-foot residential property situated at 707 Firdale St., Coquitlam, B.C. is going for just thousands—thousands of bitcoins, that is.
Valued at $2.6 million in the local real estate listings, the home can be purchased for 2,099 bitcoins in Craigslist’s Vancouver and Hong Kong pages.
That sum of bitcoin is worth approximately $5 million, and real estate agent Mario Figliola—who had the house listed in the real estate market—expressed surprise at the ad, saying that it was an “honest mistake” by a friend.
“I was telling someone else how difficult it is now to sell a higher end house because the market has changed. There are more rules and regulations on taxes, like the foreign tax has come into effect,” Figliola told Tri City News. “He heard that, I guess, and he said ‘I’m going to get you a buyer,’ so he posted an ad.”
“This person is not a Realtor. He was just trying to help out, I guess,” he noted, adding that he will never conduct such a significant transaction via the bitcoin market.
“It’s funny money. It is not real.”
Figliola, who declined to identify the friend, is now petitioning for the removal of the Craigslist ad.
Legal experts explained that plenty of due diligence is required among those who are considering using bitcoin for their purchases.
“[Real estate professionals] have to be aware of the Criminal Code,” according to lawyer Christine Duhaime, who focuses on counter-terrorist financing and anti-money laundering law.
“It prohibits them from taking bitcoin from a terrorist organization, a sanctioned country or organization or from taking money they know is associated with the commission of a serious offence anywhere in the world,” Duhaime stated, adding that real estate agents cannot accept bitcoin as payment.
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