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Cryptocurrency could help real estate transactions in Alberta

The technological age is here without a doubt. Bitcoin is digital currency that uses encryption to regulate and generate currency units and to verify transfer of funds. An office building in Calgary is earmarked to be the first in Alberta to accept this type of currency for payment of rental space. If this any indication, cyptocurrency may be used in the near future for other types of real estate transactions as well.

The owners of the particular building believe that digital currency is the way many real estate deals will go down in the future. That means everything from purchases and sales to renting and leasing. Cryptocurrency is not affiliated with any bank or financial institution. A public ledger, or blockchain, tracks all transactions on line. This method of payment gives people another option and might really appeal to techies.

It is also hoped that this new, innovative way of doing business will help the vacancy rate regarding commercial spaces. The foray into this new way of doing business may come with some risks, but experts say most innovation does. They also see this as the possible start of something larger in this and other sectors.

The way business is done is forever evolving. There are new twists and turns continually happening in the real estate world and with real estate transactions. Alberta residents willing to venture into this new territory may be wise to seek the aid of legal counsel when it comes to legalities associated with new ways of conducting business including using digital currency. It might be better to be armed with knowledge before getting involved in new concepts and ideas. 

Source: cbc.ca, "Cryptocurrency could be 'innovative tool' for Calgary office vacancy problem, says landlord", Sarah Rieger, Feb. 27, 2018

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