Dubai-based company issues clarification on reports buyers can now pay with cryptocurrency.
Dubai: The popularity of digital currencies like Bitcoin may be growing, but it hasn’t yet hit the mainstream as a mode of payment, particularly in Dubai’s real estate business.
The UAE’s major developer, Emaar Properties, on Wednesday clarified that it is not giving investors the option to purchase assets with virtual money.
It said the preferred mode of payment is still in UAE dirhams or US dollars.
Reports have made the rounds recently that the master developer of Burj Khalifa is now accepting electronic money like Bitcoin and Ethereum through a cryptocurrency broker.
“Emaar does not accept payment in digital currency,” the developer said in a statement shared with Emtlac.
“Emaar only accepts payment in government-issued currency, primarily in UAE dirham and US dollar.”