A residential apartment in Glasgow has been sold for 10 million Scotcoin.
It is believed to be the first time a property in Scotland has changed ownership using a crypto currency to settle the transaction. At the current exchange rate for Scotcoin it is the equivalent price of 60,000 GBP which will be the price used to calculate LBTT liability to the purchaser and is the GBP Home Report Valuation.
The seller is well known Scottish businessman, David Low and the purchaser Is Peter McGowan, a businessman based in Corby, Northamptonshire. David Low said, ‘I am a great believer in crypto currencies and I think Scotcoin, in particular, has a very bright future as Scotland’s very own crypto currency. Peter wanted the flat and I wanted more Scotcoin so we’re both happy’ Peter McGowan said ‘I needed a flat in Glasgow for a family member and David wanted more Scotcoin, so the deal was done’.
Willie Fleming of The Scotcoin Project said “I’m very proud that the property market has now entered the Scotcoin ecosystem. The very fast, low fee transactions offered by Scotcoin will make the market more efficient for both buyers and sellers alike”.
***Featured in Sunday Herald 20-8-17***