Property purchases paid for with cryptocurrency have nearly ground to a halt after their rapid expansion in recent years, in the wake of a plunge in the value of digital money.
Over the last five years, global cryptocurrency payments for residential and commercial real estate had gone from almost nothing to about US$100 million in total, according to an estimate by Kashif Ansari, co-founder and group CEO of Juwai IQI, a property technology company.
For property developers, “cryptocurrency is just a marketing and sales tool,” said Ansari. In most cases, when a buyer pays for a home in digital currency, the developer immediately converts it to fiat money like the US dollar.
Read more: South China Morning Post
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