Selling your home for cryptocurrency

"I would rather sell for a bag of magic beans."

Crypto still remains an extremely unregulated market, although there have been periods with large gains, there are also periods where this has experienced huge losses in value. The average consumer may not have the understanding or be aware of the larger financial risks associated with this. However, I feel with more people starting to struggle financially, and properties taking longer to sell there will sadly be people who may fall foul of this.

We must as a society be open to innovation, however the process of purchasing a U.K. home with crypto currency is a dangerous slope to venture down. The lack of regulation in this method of purchasing leaves the door open to scam artists, ultimatley giving them a new route of 'professional stealing', particularly from vulnerable parties. Money Laundering is also a huge factor to consider, as approximatley £88billion is laundered every year in the U.K.; imagine how much could be laundered through crytpo home purchases with no regulation?

Oh, I do LOVE this story - it leads on from dear Elon Musk allowing "a certain type" of cryptocurrency on purchases of new Teslas. Am unsure if that wasn't just Elon news grabbing rather than an actual thing though. It does seem like a very dubious practice, to accept cryptos as payment for a property you own, and as it appears to be loaded in the direction of people struggling to find a buyer, for one reason or another, like these people would like to add even more risk to their lives, not. Having a good take on the UK property conveyancing/legal practices on sales of properties I would say that this has less legs than Warwick Davis, no insult intended. Some law firms are still using quill pens and fax machines from my experience I think being able to use crypto anywhere close to the majority of these firms is one for the birds.

What could possibly go wrong with exchanging your tangible, legally established asset for virtual, unregulated, volatile currency where the original source of funds could be difficult to establish? It is as sensible as asking Kwasi Kwarteng to issue a budget.....

Have fun finding a solicitor to do the conveyancing! Trying to identify the source of wealth for crypto is typically a very difficult and tortuous task at the best of times. Most law firms will have neither the expertise or the time to do this. Those that do will undoubtably have to charge a premium for the extra work it entailed and that is assuming their PI insurer was happy to underwrite the risk!

Have fun finding a solicitor to do the conveyancing! Trying to identify the source of wealth for crypto is typically a very difficult and tortuous task at the best of times. Most law firms will have neither the expertise or the time to do this. Those that do will undoubtably have to charge a premium for the extra work it entailed and that is assuming their PI insurer was happy to underwrite the risk!

Given the volatility of cryptocurrency and that selling a property typically takes 3 months or more, selling a property for crypto is at best a huge gamble and at worst impossible if the sale proceeds are required for an ongoing purchase.