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3 properties, are being sold for cryptocurrencies in the Philippines

The homeowner of not just 1, but 3 houses in the Philippines, is looking to sell them in exchange of cryptocurrencies.

On three separate Facebook posts, Dr. Joel Advincula, licensed broker and realtor at RE/MAX Advantage Iloilo, has recently shared 3 properties being sold in Iloilo City, Philippines.

One of the owners of the said properties, investor Jonha Richman, is open to either cash buyers or “cryptocurrencies” – also known as ‘digital money’ as form of payments.


Houses for cryptocurrencies?

Other two properties being sold include a 3-bedroom house in Lapaz, Iloilo and a 2-bedroom condominium unit near the city’s Esplanade River – one of the most iconic landmarks in Iloilo City.

Why sell ‘tangible’ assets for ‘internet money’?

When asked about the move, Jonha Richman, advisor to global hyper-growth companies, including the Litecoin Foundation and partner at JJRichman, shared:

“We are big proponents of cryptocurrencies and think we should start expanding the conversation towards seeing it as a viable payment option for purchases.

We’ve also planned on allocating the proceeds of the said sale of these particular investment assets of ours to cryptocurrencies anyway, so it makes sense to make it available to those who prefer to pay with cryptocurrencies.”

If buyers want to pay with cash, they’ll be working with Bangko Sentral ng Pilipinas (BSP)-licensed companies such as Bloom X, PDAX, and SCI to convert PHP to cryptocurrencies such as Bitcoin and Litecoin.

Cryptocurrency adoption in the Philippines

Philippines is one of the countries where the need cryptocurrencies adoption is imminent.

According to Colin Goltra, head of cryptocurrency programs at Coins.ph, around 75% of Filipinos currently don’t have access to traditional financial instruments such as bank accounts or credit cards.

Meanwhile, four in ten Filipino adults are using the internet and one of the leaders in terms of social media usage, according to SWS Survey which presents a great opportunity for Filipinos to explore other financial products that can be available through the internet.

In its bid to become the “crypto valley of Asia”, the Philippine government has also been open to cryptocurrency and Blockchain companies looking to operate in the country with appropriate licenses.

A major player in the Philippine banking industry, Union Bank, has also recently rolled out two-way crypto ATMs in the country.


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