- UAE-based luxury real estate developer DAMAC Properties has announced that it will soon accept BTC as a payment method for its properties.
- The United Arab Emirates aims to become a hotspot and capital of digital assets.
The growth of the popularity of Bitcoin, which is on the agenda of the big media and in the pockets of the most powerful men in the world, is undeniable.
Just as the number of people who approach digital assets grows, there are also many who want to use it when buying. In Dubai it will be possible to even buy a house with digital gold. At least that’s what he said the United Arab Emirates-based luxury real estate developer, DAMAC Propertiesannounced through a official statement which will soon accept Bitcoin and Ethereum.
“DAMAC Properties has always been at the forefront of innovations, from the development of luxury homes to the creation of unique experiences. This move towards customers holding cryptocurrencies is one of our initiatives at DAMAC to accelerate the new economy for new generations and for the future of our industry.”, revealed Ali Sajwani, general manager of operations of the company.
Bitcoin and the real estate industry
While DAMAC is a pioneer in the space in Dubai, it is not the first real estate agency to approach cryptocurrencies. In the world it is one of the new fashions when it comes to being at the forefront. In turn, it seems that it is an interesting alternative for buyers.
Last November, the leader of the Latin American market for real estate technology (proptech), La Haus announced an alliance with the Bitcoin OpenNode payment processor to allow the use of cryptocurrencies such as payment methods. In January, the purchase of an apartment in Mexico was closed for 5.78 BTC. In February the first arrived in Colombian lands.
Meanwhile, in Argentina, the Latin American leader Free market also offers in its real estate section the option to pay with cryptocurrencies. However, the company did not announce for the moment that any operation has taken place.
Portugal, meanwhile, was news last October because two luxury homes were sold there in Cardano (ADA). ANDhe value of $4.7 million was paid in the famous cryptocurrency that ranks 9th among the largest in the market. It is currently trading for $0.83, but has had $3.10 as its all-time high.
United Arab Emirates wants to step strong in the market
That DAMAC from Dubai will soon start accepting cryptocurrencies is no coincidence. The United Arab Emirates aims to become a hotspot and capital of digital assets. The oil territory considers that this technology may be the future, so they want to be well prepared.
“Kraken recently received regulatory approval from the ADGM and the Financial Services Regulatory Authority to become the first cryptocurrency exchange to offer direct financing and trading in United Arab Emirates dirhams against Bitcoin.communicated Bitcoin Magazine.
It is believed that if there is “greater regulatory clarity”, the two most important cities in the country, Dubai and Abu Dhabi, will have a greater adoption than they currently have.
Chainalysis data shows that 7% of the total cryptocurrency trading volume comes from the Middle East. The region, in which there is no lack of dollars or investors, is one of the fastest growing in recent times.
Bitcoin not only functions as a store of value, but also has the power to function as a currency of exchange. DAMAC proposes to use all the properties of digital gold.
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