bitcoin for Security for Expenses?

This arti­cle high­lights a poten­tial abil­i­ty for bit­coin to man­age secu­ri­ty deposits for renters. Although writ­ten in terms of the Juris­dic­tion of the Unit­ed States, the prin­ci­ple remains the same for the UK Mar­ket. If Sur­vey­ors became famil­iar with such tech­nol­o­gy, such mul­ti-sig­na­to­ry release of secu­ri­ty deposits would improve the abil­i­ty of sur­vey­ors to active­ly man­age funds held as secu­ri­ty for expens­es under the Par­ty Wall etc. Act 1996.

This, of course, would prove prob­lem­at­ic in terms of inter­est rates and the price fluc­tu­a­tion of the cryp­tocur­ren­cy, that said, con­sid­er­ing the rel­a­tive infan­cy of the tech­nol­o­gy it does prove to be an inter­est­ing devel­op­ment that may apply to Sec­tion 12 of the Par­ty Wall etc. Act 1996. This would also require atten­tion to accep­tance of Bit­coin wal­lets as accounts for RICS firms’ annu­al returns to con­form to RICS reg­u­la­tion. With the multi­na­tion­al man­age­ment con­sul­tan­cy Accen­ture’s request for UK gov­ern­ment to reg­u­late bit­coin wal­lets, the real­i­ty of secu­ri­ty being held as bit­coin for works under the Act may be far fetched but might not actu­al­ly be that far away.

Source: Get Your Secu­ri­ty Deposit Back With Bit­coin – Bit­coin Mag­a­zine