Categories: Crypto NewsNews

Dubai’s Largest Real Estate Developer now accepts payments in Btc and Eth

Published by
Nonhlanhla P Dube

Dubai is quickly becoming the world’s crypto hub, thanks to its crypto-friendly policies! Damac Properties, Dubai’s largest real estate developer, announced on Wednesday, April 27, that it would begin accepting cryptocurrency payments in Bitcoin (BTC) and Ethereum (ETH) against property sales.

According to the real estate tycoon, introducing property sales will revolutionize the Dubai real estate market. Furthermore, cryptocurrencies provide property developers around the world with convenience and flexibility. Ali Sajwani, Damac’s general manager of operations, told Kahleej Times:

“This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry. It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognise the value this technology brings to our customers.” 

As previously stated, Dubai is quickly becoming the most popular destination for crypto innovation due to its crypto-friendly laws and taxation. As a result, businesses in a variety of industries have become more willing to accept cryptocurrency payments. YallaMarket, a Dubai-based delivery startup, has also announced that it will begin accepting cryptocurrency payments.

Real Estate and Cryptocurrencies

This has occurred as the cryptocurrency market matures and people gain more trust in digital assets. However, because cryptocurrency is highly volatile, the buyer may be required to put more money, aka digital assets, up as collateral in the event of a crash. 
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The gap between the cryptocurrency and real estate markets is closing faster than expected! Previously, many people had to convert their cryptocurrency into USD before purchasing a home. However, the situation has most likely changed.

There are new companies and startups on the market that will allow real estate buyers to obtain a mortgage using cryptocurrency. As a result, users can now keep their digital assets as collateral while avoiding capital gains tax during the conversion process.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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