Agency adopts bitcoin in bid to lure Chinese

AustraliaRealEstate27 Mar 2014 / The Australian – In a week in which the Reserve Bank has warned about unrealistic speculation in local housing, Forsyth Real Estate agency on Sydney’s north shore says it will accept bitcoin, through a partnership with Melbourne virtual exchange

The 115-year-old agency said that accepting bitcoin would help it attract more overseas buyers, especially Chinese ones who could convert yuan to bitcoin for making overseas payments.

“We’ve taken on bitcoin due to the influx of lots of prospective buyers from overseas on the Sydney market,” a Forsyth spokeswoman said. “We want to make it as easy as possible especially for Chinese investors.”

Forsyth chose to convert incoming bitcoins to dollars. is a start-up of 10 full-time staff which began offering to exchange bitcoin and Australian dollars 11 months ago.

The Forsyth deal is letting tap into an international deposits income stream traditionally belonging to banks.

CoinJar chief executive Asher Tan said that, for a 0.5 per cent fee, CoinJar would accept merchants’ revenue in bitcoins and pay out the agreed dollar amounts to them, thereby reducing their exposure to fluctuating bitcoin exchange rates….. Read more

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