“For the first time in Russia” a real estate property on sale has been priced in bitcoins (TIKER: BTC.EXANTE) by a Moscow-based company Kalinka Group, Bitcoin.com reported.
An elite provincial mansion in the village of Nikolino on the Rublyovo-Uspenskoe highway west of Moscow was put up for sale with an estimated price of 3,000 bitcoins.
However, at the time the advertising of this property started the sum of 3000 Bitcoin was equal to $8 million, than the Bitcoin’s price jumped and as of today almost $12 million.
Nevertheless, according to Kalinka Group chairman of the board of directors Ekaterina Rumyantseva, the price in Bitcoins remains the same.
Russian legislation has not yet defined the rules for working with cryptocurrency, which complicates how bitcoin should be treated in a real estate sale.
“If the cryptocurrency is recognized in Russia as a kind of cash, then under the law on currency transactions, a transaction is impossible, since the sale of real estate must be made in national currency. if the house finds its buyer before the regulatory interpretation of bitcoin appears, we will be forced to recommend the client to sell in rubles equivalent,” Rumyantseva explained.