The homeowner of not just 1, but 3 houses in the Iloilo City, 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.
Want houses for cryptocurrencies?
One of the properties a 4-bedroom house in Villa is the ready for occupancy house located in Bernwood Resort Villas located at Sto. Nino Sur, Arevalo, Iloilo City Philippines has the following features and amenities: (4) bedrooms, (3) toilets and bath, ample family living room, (1) TV room and (1) carport. The property also has close proximity to the subdivision’s clubhouse and swimming pool which is currently undergoing construction.
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| This 4-bedroom house in Iloilo, Philippines could be yours when you pay for Bitcoin or Litecoin. |
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.
Caution to those who don’t fully understand the risks
Cryptocurrencies are very volatile in nature. When asked about why would they replace their tangible assets in the form of real estate with cryptocurrencies, Ms. Richman shares:
“We fully know and understand the risks of newly emerging investment markets such as cryptocurrencies and their volatility.
It’s just a minority stake of our asset allocation and we do not suggest or recommend people to take part in it until they fully understand the risks. Cryptocurrency prices are very volatile in nature due to the high speculations in terms of price.
Also, when trying to purchase cryptocurrencies in the Philippines, make sure you go with BSP-licensed sellers or dealers and don’t get caught up with the hype by networkers and those who are simply pushing for their own agenda and MLM. ”
