Market News
- Reports floated that UAE’s largest real estate firm Emaar is now accepting Bitcoin and Ethereum.
- The report came from local news Lovin Dubai, who quoted someone who posted a screenshot of a circular to UAE-based realtors.
- Emaar is the master developer of the world’s tallest building Burj Khalifa.
Emaar, the UAE’s largest real estate company and the master developer of the world’s tallest man-made structure Burj Khalifa, recently announced its acceptance of Bitcoin and Ethereum as a means of payment.
According to local media outlet Lovin Dubai, the news came from a circular sent by Emaar to real estate agents based in the said country. According to the news, Emaar will facilitate its real estate sales through BTC or ETH by tapping Switzerland-based broker Bitcoin Suisse.
However, Emaar has not made a public announcement confirming this news. In addition, Lovin Dubai took the scoop from Twitter handle @CoinzData, who took a screenshot of the image seen above. Interestingly, @CoinzData took down the post for some unknown reason.
Rumors regarding Emaar’s acceptance of cryptocurrency as a valid means of payment for its real estate properties have been floating since 2019. Emaar was quick to dispel the rumors, saying that it only accepts payments in US dollars or UAE dirhams.
Emaar is arguably the most prominent real estate company in the UAE. Aside from spearheading the construction of Burj Khalifa, Emaar is known for creating luxury properties and communities in the country.
Earlier this month, Dubai also announced the creation of a regulating body for cryptocurrencies. Named Virtual Assets Regulatory Authority (VARA), the government entity will oversee the issuance and trading of crypto and the licensing of exchanges.
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