Russian Real Estate Consultant Firm To Sell The Client’s Property In Bitcoin Would Its Friend Take A Cue

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A Russian Real Estate consultant firm has announced that one of its clients are going to sell their luxurious Property Management i.e. 4200 square feet mansion, situated near a village in a fashionable neighbourhood in bitcoin. For those uninitiated, a bitcoin is a worldwide crypto currency and digital payment system which works on a peer to peer technology with no central authority or banks. Managing transactions and collecting bitcoins is carried out collectively by the network. There has been no regulations or laws governing the bitcoins in Russia, but in countries such as China and Singapore, the bitcoin revolution has caught up and it is treated as a tangible asset, which means that a transaction is possible under a barter agreement. As far as India is concerned, the bitcoin is not regulated as a means of currency by the Apex Bank, but the Central Bank has also not banned the same. However, as reported, the ICICI Bank last year had successfully executed transactions in international trade finance and remittances using block chain technology. Would India shed its inhibitions and regulate the use of bitcoins? Would the realty sector of India participate in the same? Would the Developers take a cue from Russia, Japan, China and South Korea and encourage the use of crypto currency? Would the buyers be benefited from this move?