Bitcoins and new virtual money concept.

In a first for the Jewish state, a rising Israeli tech mogul made a major real estate purchase in Tel Aviv using cryptocurrency.

By: United with Israel Staff

Start-up nation superstar Moshe Hogeg completed what many believe is the first-ever real estate transaction in Israel using the Bitcoin “cryptocurrency,” a virtual form of digital currency that only exists in the cyber realm.

Hogeg is a leading entrepreneur who helped launch major Israeli tech companies such as Sirin Labs and tech investor Singulariteam.

He used Bitcoin to pay 15% of the 70 million shekel ($19.3 million) price for a one-acre lot in Kfar Shmaryahu, a Tel Aviv suburb, reported Haaretz.

Another major player in the Israel tech world was the seller, telecom entrepreneur Ilan Ben-Dov.

While Hogeg hopes to construct a villa on the site, the transaction itself may provide the building blocks for future cryptocurrency real estate transactions in the Holy Land and beyond.

As far as the tax authority in Israel is concerned, some predict it will treat Bitcoin as an asset, not currency. As such, Hogeg may have to pay taxes as if he sold the Bitcoin for shekels, and then used the shekels to buy the property.

This transaction provides another example of Israel remaining at the cutting-edge of technology developments throughout the world.


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Source: United with Israel