Emaar, one of the biggest property companies in Dubai, has recently confirmed that it sent an email to its agents affirming that they can now start selling properties and getting paid with Bitcoin (BTC) or Ethereum (ETH) using Bitcoin Suisse.
The title of the email was “Buy Emaar Properties using Bitcoin and Ethereum” and it affirmed that the company was “pleased to announce” that Emaar properties could be bought with cryptos now. According to the company, all transactions would be made via Bitcoin Suisse, a Switzerland-based company that is one of the biggest crypto brokers in the world.
According to the email, the company will receive fiat from the transactions but the customer will be able to use Bitcoin or Ethereum, which will be converted in order to be received as the payment.
Emaar Will Not Deal Directly With Cryptos
It was reported by Trustnodes, which also reported on this story, to cause a lot of trouble because, on its official comment, Emaar stated that it would not receive payments in digital currencies. What the company actually meant was that it would not receive cryptos, but the clients will soon be able to use it.
Because the company is not interested in receiving money directly with cryptos, you will have to use Bitcoin Suisse in order to make your purchase and no other way to pay for the assets will actually be accepted by the company in any occasion. Other than that, you can only pay using the local currency, AED or the international USD.
Also, it was reported that Bitcoin Suisse and not Emaar will decide whether the people who seek their services will be actually enabled to make the transactions or not.
The service will work in a similar manner to services for crypto merchants, which let them decide whether they want to get their money in fiat or crypto when they receive it. Emaar has not disclosed why not accepting cryptos directly, but we can speculate that this has to do with the fact that cryptos are very volatile assets and the company is probably not eager to use it.
Emaar is the largest property developer in Dubai and it handles over $6 billion USD yearly. The company has never advocated for cryptos before, which lead us to believe that one of the reasons for accepting them now is because millionaires which have a lot of cryptos are starting to be interested in buying properties in the region.
This will be an important move for the country as it will make cryptos a lot more popular since now people have the option to use them to buy even more diverse assets.