Not just 1, but 3 properties, are being sold for cryptocurrencies in the Philippines

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A homeowner of not just 1 property, but 3 houses in the Philippines, is looking to sell them in exchange of cryptocurrencies.

On 3 separate Facebook posts, Dr. Joel Advincula, licensed broker and realtor at RE/MAX Advantage Iloilo, has recently shared 3 properties being sold in Iloilo, Philippines.

The owner of the said properties, investors: Jonha Richman and James Richman, are open to either cash buyers or “cryptocurrencies” – digital money as form of payments.

Houses for crypto?

4-bedroom house in Villa – the ready for occupancy house located in Bernwood Resort Villas located at Sto. Nino Sur, Arevalo, Iloilo City boosts: (4) bedrooms, (3) toilets and bath, ample family living room, (1) TV room and (1) carport. The property has close proximity to the subdivision’s clubhouse and pool currently undergoing construction.

Other 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 James Richman, private investor at JJRichman, shared:

“We’re big proponents of cryptocurrencies and think we should start expanding the conversation towards seeing it as a viable payment option.

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 – Bitcoin and Litecoin.

Cryptocurrency adoption in the Philippines

According to Colin Goltra, head of cryptocurrency programs at Coins.ph, about 75% of Filipinos currently don’t have access to traditional financial instruments such as bank accounts or credit cards.

In its bid to become the “crypto valley of Asia”, the Philippine government has 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.