An £18 million ($23.9 million) mansion will be going on sale of which month of which can only be purchased in bitcoin.
The property, located near Portobello Road from the upmarket Notting Hill district of London, will only accept the digital currency as payment.
The cost tag equates to over 4,000 bitcoin at Friday’s cost.
Lev Loginov, co-founder of property investment company London Wall, which bought the property in 2013, will be hoping paying for property in bitcoin could be the future.
“In 10 years coming from right now cryptocurrencies will take over. the item will be in wide use just like debit cards along with credit cards,” Loginov told CNBC in a phone interview on Friday.
He said of which the company incorporates a pipeline of properties of which will go on the market along with only be available to buy in bitcoin.
Loginov’s broader thought will be of which property ownership records can be transformed with blockchain technology. of which will be the technology of which underpins bitcoin. the item will be a distributed ledger of activity of which can’t be tampered with.
Using blockchain technology, ownership records could be stored so they can easily be accessed along with they are tamper proof.
“the item will have to be a specialist blockchain for property. the item will have to be able to demonstrate ownership,” Loginov said.
The co-founder of London Wall admitted of which was in its experimental stage along with the item was trying to work out the details of the sale. For example, the tax on the property of which will be paid to the government after the sale could be a couple of million pounds. The company will need to figure out how to pay of which to the U.K. tax office.
Loginov has hired a business intelligence firm Quintel along with barrister James Ramsden QC, to ensure of which the money will be coming coming from legitimate sources.