Dubai Property Giant Rumored to be Accepting Bitcoin and Ethereum

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There’s rumors Emaar Properties, developers of the tallest building in the world, Burj Khalifa (pictured above the clouds), with yearly revenue of about $6 billion, has begun accepting bitcoin and ethereum for payments through Bitcoin Suisse which among many other things has a BitPay like service.

Emaar has not yet made an official statement as far as we can see, failing to respond to our requests for clarification. According to Bloomberg they have stated they only accept fiat, but a Dubai based brokerage firm, Invest Group, was asked for clarification regarding a recent tweet.

“Emaar is the one now accepting crypto currency,” they said, adding “All registered agents (such as us) received an email from Emaar about the news.”

The email was forwarded to Trustnodes, with it stating it is from what looks like an official Emaar email address ending with emaar.ae. It says:

“We are pleased to announce now that all customers will be able to buy Emaar Properties using digital currencies (Bitcoin & Ethereum). The transaction will happen through one of the biggest brokers of digital currencies in the world ‘Bitcoin Suisse’ who are regulated and based in Switzerland.”

There’s a five pages document attached to the email describing the process of paying with bitcoin or eth, which are converted into dollars with Emaar receiving fiat.

“It is important to note that Emaar will be receiving payment in normal currency, in USD or AED, and will not be involved in the relationship between the client and Bitcoin Suisse,” the document says.

Making it somewhat interesting as if they are indeed indirectly accepting cryptos, then that would make them the biggest property development company to do so as far as we are aware, and probably the biggest company in general in all of UAE.

That means many property agents in the country and internationally might now be happy to accept bitcoin or eth for Emaar property purchases.

The document says Bitcoin Suisse also accepts BCH and BSV with settlement possible in numerous fiat currencies, including Arab Emirates Dirham (AED).

The email itself, however, only mentions bitcoin and eth. So if the property agents are happy to accept the other cryptos is not clear. Nor is the full authenticity of this document clear in light of this apparent denial to  Bloomberg.

Yet general adoption appears to be increasing now even in the Middle East, with bitcoin processing $5 billion worth of BTC in the past 24 hours, and more than a trillion for all of 2018, with the crypto at times close to overtaking MasterCard in value transfers.

Emaar has now confirmed the email was sent.

Copyrights Trustnodes.com

 

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