The Real Estate Council of Ontario (RECO) is probing the use of cryptocurrencies in the real estate business, The Globe and Mail has reported.
“RECO is currently reviewing the use of cryptocurrencies, such as bitcoin, in real estate transactions,” Daniel Roukema, senior adviser, external communications at RECO, was quoted as saying.
“The decision to accept cryptocurrencies would be based solely on the law, our code of ethics and assurances that consumers will be safeguarded and no harm can come to people involved in buying and selling real estate in Ontario,” Roukema said.
RECO is seriously concerned about the use of cryptocurrency in a real estate transaction.
“RECO does not regulate buyers and sellers, and if a transaction were to occur between two parties without the involvement of a brokerage, it would be outside of RECO’s purview to determine the legality or feasibility of that transaction,” Roukema said, adding that:
“RECO cautions buyers and sellers to take steps to protect themselves in real estate transactions and to seek legal advice when considering the use of cryptocurrency in a real estate transaction.”