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Wed 20 Feb 2019 02:55 PM

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Emaar denies it plans to accept digital currency payments

Dubai real estate giant responds to reports and blogs circulated online citing an alleged Emaar circular to real estate brokers

Emaar denies it plans to accept digital currency payments
Emaar's Harbour Gate development in Dubai.

Emaar Properties, Dubai’s biggest publicly traded developer, on Wednesday denied reports of plans to accept payments in digital currencies.

“Emaar does not accept payment in digital currency,’’ a spokesperson for the company said in response to questions. “Emaar only accepts payment in government-issued currency, primarily in UAE dirham and US dollar.”

Reports and blogs circulated online cited an alleged Emaar circular to real estate brokers as saying that the developer will accept payment in digital currencies such as Bitcoin and Ethereum through a broker in Switzerland.

In December 2017, MAG Lifestyle Development, part of the UAE-based MAG Group, announced that it will offer customers the opportunity to purchase properties using OneGram, the first Sharia-compliant crypto-currency.

The developer said the move will provide property investors with a chance to leverage their digital assets.

In September, Abu Dhabi-based Imkan Properties said it is considering offering its customers the chance to pay for real estate using cryptocurrencies.

Speaking to Arabian Business, CEO Walid El-Hindi said cryptocurrencies might be introduced as part of consumers’ payment plans.

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