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Land deal sealed in Malaysia using Bitcoin

This definitely piqued my interest: Land deal sealed using Bitcoin.

Pulau Libaran Google Maps

1.219ha (3.02 acres) of land on Libaran Island was sold for the price of half a Bitcoin, and the 10% deposit required was paid via 0.05 BTC. Its funny that at the time the deal was signed (presumably yesterday), the price of Bitcoin hovered at RM77,665 (1 BTC to USD today is USD15239.99, which is approx RM60937.10). The spread you’re noticing in the price? That’s all Luno at work…

“It is about a new way of transferring money,” he said at the signing ceremony where online payments were made from Chin’s Luno wallet directly into Yee’s wallet.

This was a Luno to Luno transaction. Simply because Luno is having issues processing transactions in Malaysia. They’ve been fighting hard with CIMB closing their account, to currently being unable to process MYR deposits & withdrawals (now a Maybank issue). This is why on Telegram trading groups, you’ll see the famous “Luno to Luno” sales being made.

“I do not see a problem as we have a value of the land in ringgit and necessary stamp duty fees would be paid based on the value stated,” said Yee, adding that the remaining 0.45 Bitcoin would be paid once the transfer was completed.

The stamp duty on the land will have to be paid in cash.

Is this the first time this has happened in Malaysia? Maybe with so much fanfare. I’m willing to bet there have been other large-ish Bitcoin/cryptocurrency transactions that have occured that we just don’t know about.

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