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Paying office rent using Bitcoin? Calgary may lead the way in Canada

Berlin, Germany - January 09: Coins of the cryptocurrencies Ethereum and Bitcoin stands on a table on January 09, 2018 in Berlin, Germany. (Photo by Thomas Trutschel/Photothek via Getty Images).
Berlin, Germany - January 09: Coins of the cryptocurrencies Ethereum and Bitcoin stands on a table on January 09, 2018 in Berlin, Germany. (Photo by Thomas Trutschel/Photothek via Getty Images). (Photo by Thomas Trutschel/Photothek via Getty Images)

Calgary is believed to be the first city in Alberta, possibly even Canada, to allow renters to use cryptocurrencies to pay for a commercial lease.

A northwest Calgary office building is now accepting Bitcoin, Ethereum and LiteCoin as rent payments.

“Crypto has really become mainstream,” said Greg Habstritt, president of Real Equity Centre.

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Real Equity, along with commercial real estate brokerage firm Barclay Street, say this is the future.

“There’s going to be a little volatility and both parties have to accept that,” Habstritt said.

“We believe that forward-thinking companies in Calgary, especially tech related companies, are going to be able to deal with that volatility.”

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It’s also believed the new payment options can help end the volatility in Calgary’s commercial vacancy rate, which has been at a record high.

“I think what it will do is showcase that Calgary is a burgeoning and growing tech hub and it’s open for business,” said Barclay Street vice president Dan Harmsen.

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READ MORE: Calgary office vacancies up

Offers are now being accepted for the available building space.

If the new payment options work they may be rolled out to other landlords.

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