Jonha Richman, a crypto influencer and thought leader who also serves as adviser to multi-growth blockchain projects, is selling her villa in Philippines in exchange for bitcoin or litecoin. She shared that the purpose of this move is to express belief in the conception of cryptos as a form of payment and to serve as an example to its application as an asset class. She said:
We are big proponents of cryptocurrencies and think we should start expanding the conversation towards seeing it as a viable payment option for purchases.
When inquired about the legality and regulatory issues over such a transaction within Philippines, Richman remained confident that it is a normal real estate transaction. Talking to BlockPublisher she said;
It doesn’t necessarily stop the seller (us) and the buyer to transact this under normal real estate transaction.
Within such a transaction, the role of the broker/realtor is extremely crucial as it is charged with carrying out the sale or exchange process. In this particular scenario, the realtor (RE/MAX) is a licensed entity that is advertising and promoting the real estates for sale. In case the payments are made in cash or bank loan, the realtor will work with the central bank of Philippines (Bangko Sentral ng Pilipinas -BSP) and accredited blockchain companies such as Bloom X Solutions, PDAX and SCI – 3 will come into play to convert these payments to cryptos.
Richman added that this sale should be considered as any normal one would be, only that it is aimed as convening discussion about cryptocurrencies as means of payment. She said;
The transactions are nothing major and most of these licensed exchanges/wallets process way more in terms of converting fiat to cryptocurrencies, but it’s our way to hopefully help open up the conversation about how Bitcoin and other legitimate projects like Litecoin can become viable form of payments especially for transactions such as buying/selling real estate.
The sale of any real estate in exchange for cryptocurrencies would serve as a first of its kind example in the Philippines. Richman believes that this is exactly what is needed for Filipinos to become aware about the prospect of cryptos as means of payment. She shared belief that if this process can become normalized, it would help open new venues for the digital space in the region and help cater to the much anticipated mainstream adoption. She said;
Many Filipinos love the idea of “owning their own home”. If we could tap into that natural need and help them understand that cryptocurrencies can become part of the process, I think we’re doing what we can – in our own little ways – to help open up the conversation about cryptocurrencies and the much desired ‘mass adoption’.
Speaking over the preference of accepting bitcoin or litecoin as payment, Richman told that it would be due to her affiliation with the Litecoin Foundation as an adviser.