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 Gulf News.
“Emaar only accepts payment in government-issued currency, primarily in UAE dirham and US dollar.”
Emaar is the developer behind the world’s tallest tower and biggest shopping mall. To date, it has handed over more than 51,800 residential units in Dubai and other international markets.
More than 29,800 residences are being developed within the country and over 17,500 units more are in global markets.
One of the projects it launched recently is the Dubai Creek Harbour, a waterfront development that is currently building the world’s next tallest tower as a centrepiece.