For the first time in the world: Ukraine sold real estate under a smart contract

26 September 2017, 15:32 | Technologies
photo InternetUA
Text Size:

Kiev apartment for the first time in the world was sold for a crypto currency. Despite the fact that the apartment is located in the capital of Ukraine, when making a transaction, the seller and buyer of real estate were in the US. Confirmed it with the help of a block-system using the crypto currency etherium.

On the unique case of the sale of real estate with the help of a smart contract, adviser to the head of the Agency of electronic government of Ukraine Konstantin Yarmolenko.

According to Yermolenko, Ukraine was the first country where a deal was made to purchase real estate with the use of a smart contract. According to the agreement, the property was exchanged for crypto currency etherium.

"The owner of the crypto currency is the American company, the transaction platform is the Propy start-up in the Silicon Valley, the property in Kiev, the owner of the apartment Mark Ginzburg in New York, representatives of the buyer's company and the seller (by proxy) in Kiev. That's what I call the fusion of globalization and blockade! "- says Ermolenko about the details of the deal.

Immediately under the news in Facebook, a debate arose over how much the deal on a smart contract is legal under the existing Ukrainian legislation. Yermolenko is sure that there should not be any problems: "The buyer was in the US, the payment occurred after the digital signature on the blocking transaction was placed by a notary public on the Propy platform.

At the same time, the preliminary agreement was made earlier online on the platform, and the payment of a crypto-currency in the amount of the cost of the apartment was sent to the address of the smart contract that was issued by the escrow. And this is within the current legislation ". Yermolenko also assured that when Ukrainian deputies change the law, the buyer and seller will not need representatives by proxy. Transactions can be made directly without anyone's participation.




Add a comment
:D :lol: :-) ;-) 8) :-| :-* :oops: :sad: :cry: :o :-? :-x :eek: :zzz :P :roll: :sigh:
 Enter the correct answer