What do you guys think of buying and selling property using crypto?

We have a lot of Malaysians into crypto, but so far i dont see any cases of buying property in Malaysia using crypto/bitcoin/usdt. There is one case of land sale in Sabah via crypto but not much detail of it online.

I have one new luxury condo project in Jalan Ampang, KL that accepts USDT payments but so far no buyers using crypto.

Not legal tender in this country right now, local banks unlikely to accept as currency because of the volatility.

Dont think its possible unless the seller willing to accept.
However u still need MYR to pay lawyer/government fees.

Halo BNM..

If not using loan, 100% cash (crypto) then banks will be out of picture

If not using loan, 100% cash (crypto) then banks will be out of picture

Yes, both buyer-seller need to accept crypto. So far dont see any lawyer firm accept crypto. Stamp duties and taxes to government lagi lah...haha

yea right, someone with real asset is so desperate to trade for imaginary asset.

The instability of value and lack of liquidity (because it's only used by crypto investors) makes it incredibly useless as legal tender, no person with financial literacy would ever trade crypto for an asset with less volatile value, and lawyers cannot even structure their fees properly (what if the token moons or tanks suddenly?)

It's the same kind of logic as "why don't trade gold for property?", because bartering like this using an asset that can go up and down in price so drastically puts the house seller in an unstable, disadvantageous position.

This post has been edited by DragonReine: Mar 9 2023, 12:46 AM

how to prepare the SPA, the purchase price still need to convert in RM, right ?

LHDN is the main issue.

Haha

Those crypto hodlers or pro crypto will say the opposite - sell your property to buy crypto

True. But there are digital stable coins like USDT which pegged with USD. I think those stable coins, the price is quiet fix/ stable. Compare to Bitcoin or Eth which can change up/down drastically in a day

Ya, should be, for property in Malaysia. Then buyer pay with amount equivalent with that

The fluctuating value is still too wide of a range compared to fiat currency, and the fees + transaction speed is still a problem as far as banks and tax departments are concerned. Ultimately it's still too much of a risk for institutions.

And well, looking at what happened with the SVB bank run and USDC's value change because of that, doubt that even stablecoin can replace regular currency for a long while.

This post has been edited by DragonReine: Mar 14 2023, 12:21 PM

Ya, SVB collapsed shows that banks also not safe. USDC, supposed to be one of the biggest stable coin, dropped quite significantly. Now looks like USDC recovering

Sharing an event on this Sunday for a new Jalan Ampang high end condo that the developer accept USDT (another main crypto stable coin) and UnionPay. Its pre puasa themed, will have Rendang, lemang and other nice food. Anyone free that day can join in ya

geared towards foreign investors right? Union pay well makes sense, and usdt well the target couldnt be malaysian, but the other markets i'd imagine one could make an interesting marketing strategy out of it, perhaps nearby asean?
i actually am really interested to know on the crypto part take ups if at all

Wow nice. This is positive.

Now the next solution is to move the ownership title into NFT.

I think the main problem for them is not to transact, but to make their transaction unanimous.

Yes, its investor friendly as they will also provide rental/airbnb management but it should be good for those staying or vacation home when coming from outside KL as the furniture and appliances provided is quite high end. This project just started to accept usdt and unionpay. Do join us this Sunday if around