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Emaar to Start Accepting Bitcoin PaymentsFebruary 18, 2019
Since its inception, cryptocurrency has been a hot topic among consumers, providing an easier and more secure way to make transactions across the world without having to worry about currency conversions. For businesses, the acceptance of cryptocurrency has been a slower process, not only because of the framework that has to be put into place for crypto transactions but also due to the lack of true governance in the digital sphere. Dubai, always at the forefront of online trends, made headlines last year with the announcement that real estate transactions could be made using Bitcoin, the original and still the most popular form of cryptocurrency. More recently, the emirate’s preeminent developer Emaar has announced that cryptocurrency payments will be accepted for all of its properties.
The transaction will take place through one of the world’s largest currency brokers – Bitcoin Suisse. Any buyer interested in buying an Emaar property using Bitcoin can do so with Bitcoin Suisse, who will take over the formalities of the payment. The appropriate cryptocurrency value will be converted to the value of the property and be used to complete the transaction.
This service will help to greatly facilitate Bitcoin payments in Dubai’s property market but it should be noted that this is not an official partnership between Emaar and Bitcoin Suisse. Buyers are advised to perform their due diligence before making any sort of payment.
Dubai has taken some very large technological strides in the past few years in an ongoing effort to become the world’s first ‘smart city’, using technological innovation to simplify all aspects of life. Yet, Bitcoin still has a fairly long path to travel before it becomes the medium of choice for major transactions. This is a small step in the right direction however, offering buyers a reliable way option to convert an intangible currency into a physical asset.
If you are interested in purchasing an Emaar property using Bitcoin or would like further information on how to buy Emaar property through Bitcoin Suisse, get in touch with our Private Client Advisory team.