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Show me the Bitcoin!

Monday 16 October 2017

A hugely expensive property in London's Notting Hill has gone on the market - but if you want it, you're going to have to pay in Bitcoin.

In what is believed to be the first property sale of it's kind in London, the owner of the six-storey stucco-fronted home in Stanley Gardens is accepting only cryptocurrency for the £17 million mansion.

Vendor and co-founder of property investment company London Wall, Lev Loginov, bought the property back in 2013 and is hoping that by refusing to accept cash, he can pioneer Bitcoin property transactions in Britain.

The world’s foremost cryptocurrency breached a new milestone last week when it smashed through the $5,000 barrier for the first time - increasing five fold this year alone. This means that the multi-million pound price tag, at the current exchange rate, is equivalent to about 5,050 bitcoin, triggering a £1.95 million stamp duty bill.

Bitcoin has previously been associated with tax evasion and drug trafficking, however seller Mr Loginov and his business partner Ned El-Imad have stated they will ensure the currency used has not been bought to launder money.

Whilst the vendor admitted there were still hurdles to overcome, including how to pay estate agency fees and stamp duty costs, investor Lev is confident that the future lies in Bitcoin and hopes the move will kick-start a new era of property transactions in the cryptocurrency.

Mr Loginov commented: “We want to shift all the perceptions on cryptocurrency. We think in future it is going to eliminate the need for solicitors and property title and is really going to change how real estate transactions are conducted.

“I’m sure leading London agents can figure out how to take commissions for a £17 million property in cryptocurrency and I have full faith in HRMC to figure out how to tax it.”