A property in Glasgow has been paid for using method of payment never used in Britain

A flat in Glasgow has become the first property in the country to be paid for using a digital currency.

Peter McGowan purchased the two-bedroom apartment for 10 million Scotcoins, the equivalent of £60,000.

He bought the flat from his friend and business colleague David Low, who owns Scotcoin’s intellectual property.

The businessmen met more than 20 years ago when Low, the prime mover in Fergus McCann’s takeover of Celtic Football Club, fronted a Celtic roadshow in Corby.

Both McGowan and Low invested in Scotcoin shortly after the currency’s launch in 2014.

David Low(L) and Peter McGowan on Bridge Street in Glasgow. Peter bought a penthouse flat (in background) from David using the cryptocurrency ScotCoin.

And although it may have been the first digital house sale, the transaction was still subject to normal conveyancing rules and procedures.

Mr Low said: “Peter wanted a flat and I wanted more Scotcoin so we’re both happy.

“We commissioned a Home Report, which gave us the fair value of the flat in sterling, which we translated into Scotcoin on the day of sale.”

Mr McGowan added: “It’s something that didn’t cost a lot of money. It’s a long-term punt.

David Low(L) and Peter McGowan on Bridge Street in Glasgow. Peter bought a penthouse flat (in background) from David using the cryptocurrency ScotCoin.

“And because it’s not my principal home it’s subject to the Scottish Government’s Land Buildings and Transactions Tax, meaning that I will be paying three per cent, £1,800, into their coffers.”

Mr Low said that for cryptocurrencies to really succeed “they have to be more user-friendly.”

He added: “They are now a viable store of value but they have to break through to mainstream and main street sales, and hopefully this is deal helps it on its way”.

 

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