3000 Bitcoin Mansion for Sale in Russia Hindered by Lack of Regulation

 A provincial Russian mansion has been put up for sale with an  estimated price of 3,000 bitcoins. However, the lack of legal  classification for digital currencies complicates the treatment of  bitcoin in the sale. 

Mansion For Sale for Bitcoin in Russia

 The Moscow-based real estate company, Kalinka Group, announced last week “the first case in Russia for selling an elite house for bitcoins.” 

 A country mansion with an area of 930 square meters has been put up  for sale at the price of about 3,000 bitcoins, the group wrote. The  house is located in the village of Nikolino on the Rublyovo-Uspenskoe  highway west of Moscow. 

 At the time of valuation, that amount of bitcoins was worth only 482  million rubles or approximately $8 million, according to the group.  However, today they are worth over $12 million. Nonetheless, the sale  price remains at 3,000 bitcoins as of August 17. According to Ekaterina  Rumyantseva, chairman of the board of directors at Kalinka Group: 

For the  first time, we were faced with the client’s desire to sell the house for  cryptocurrency. Such transactions are still a novelty even for global  real estate markets. We are pleased to be pioneers and open new  frontiers in business.
 

Lack of Regulation Complicates Sale for Bitcoin

 Rumyantseva explained that Russian legislation has not yet defined  the rules for working with cryptocurrency, which complicates how bitcoin  should be treated in a real estate sale. Citing the lack of regulation,  the group wrote “we are carefully studying the possibility of such a  deal. Prior to the appearance of the regulatory framework governing such  a sale, the client is forced to pay for the agency’s services in  national currency.” 

 In May, news.Bitcoin.com reported on the Russian central bank’s proposal to classify digital currency, including bitcoin, as digital goods. 

 Meanwhile, lawmakers have been drafting a bill to provide a regulatory framework for digital currency. 

 However, the bill was reportedly delayed due to discussions on how cryptocurrencies should be defined. News.Bitcoin.com reported  last week that Russian lawmakers are unlikely to classify bitcoin as a  means of payment similar to Japan. It is more likely that digital  currency will be classified as digital security or property, similar to  the IRS and SEC in the U.S. 

sourse : news.bitcoin.com