The US government is looking to create an alternative for many property owners, which would allow them to sell their property in exchange for bitcoin.
In January, the government released an interim draft regulation on bitcoin that would allow online sellers to sell property, but the final draft of the rule hasn’t yet been made public.
The government has released an initial draft of its proposed regulation.
According to the government’s website, “virtual currency transactions can be a good use for tax dollars and could potentially improve tax collection by property owners.”
Currently, bitcoin is considered an investment vehicle, but it’s still considered a commodity, meaning it can’t be traded on the market.
If the regulation goes through, the proposed regulation would apply to bitcoin transactions.
This would include transactions that take place over the internet, where buyers can purchase bitcoins for a fixed amount, or that are done through a digital wallet, which is different from a physical wallet.
In the draft regulation, bitcoin exchanges are described as “virtual currencies” and transactions are called “virtual transactions” as opposed to “real estate transactions” which are typically used for real estate transactions.
The proposed regulation defines “virtual” as a “virtual entity” and “virtual property” as an “entity, property, or object that is created, held, or controlled by virtual entities.”
The proposed regulation also defines “real” as “a tangible object that exists or is created in a physical location.”
The draft regulation doesn’t define what type of bitcoin is included in a transaction, but a bitcoin wallet, like Coinbase’s, can be used as a source of virtual currency.
The regulations’ language also includes rules on how property owners must use virtual currency for real-estate transactions.
The draft regulation states that real estate owners must “use virtual currencies for the following real estate activities: renting, purchasing, selling, leasing, and/or leasing-for-sale, real estate title, and title insurance,” but it doesn’t specify how property-owners must use these virtual currencies to conduct real estate purchases.
A property-owner could sell bitcoins for cash, but that’s a different issue entirely.
Bitcoin has been the subject of controversy in the US because the currency has been described as a currency by regulators, but many have argued that the bitcoin transactions don’t count as real-world transactions.