The Daily Star's FREE newsletter is spectacular! Sign up today for the best stories straight to your inbox Sign up today! Thank you for subscribing See our privacy notice Invalid Email

(Image: SWNS/GETTY)

Peter McGowan purchased the two-bedroom apartment for 10million 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 was a key figure in Fergus McCann's takeover of Celtic Football Club.

(Image: SWNS)

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

And even though 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.

"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 the digital currencies 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".