Aerospace Engineer Uses Bitcoin Cash to Buy $415,000 Home in Seattle
The mainstream adoption of cryptocurrency is continuing on pace in all different business sectors and in many economies across the world. The latest example of this featured in the press is the recent acquisition of a home using bitcoin cash.
The Bitcoin Cash House
This is assumed to be the first time ever someone has used any cryptocurrency to acquire real estate in the regional market, according to the Seattle Times. It can also be a precedent for someone securing a traditional mortgage in the US nationally for such a transaction, as most publicized real estate for bitcoin deals have so far involved paying the sum outright without the added difficulties of getting an approval for a loan.
Fannie Mae Demands USD
Dealing with the public sector was a different matter however. When the loan company contacted government-sponsored Fannie Mae (Federal National Mortgage Association) to ask if cryptocurrency can be used as an asset for securing a mortgage, the agency had two terms. Kuo had to produce a full paper trail documenting how he acquired the cryptocurrency and convert the down payment sum into fiat to transfer to the seller. Local taxes for the sale also had to be paid with USD.
Oleg Tkach, the Guild Mortgage manager who helped secure the loan for Kuo, commented: 'Unless something changes with cryptocurrency, I believe it's going to become more common.'
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