Purchase a Property in Dubai with Cryptocurrency

You can buy a property in Dubai with Bitcoin and exchangeable cryptocurrencies. The cryptocurrency payment method is an important opportunity for crypto-asset owners.

Dream homes. Before long, they’ll all be purchased on a blockchain. In fact, blockchain-based real estate is already gaining popularity as a way for buyers, sellers and investors to interact with each other and learn about properties. 

The Central Bank of UAE has issued new guidance on anti-money laundering and combating the financing of terrorism (AML/CFT) for licensed financial institutions (LFI) providing services to the real estate sector and dealers of precious metals and stones (DPMS).

Property developers or sellers don’t accept digital currencies directly but will receive payments in UAE dirhams or US dollars. However, they have partnered with trusted and leading licensed digital currencies brokers in different parts of the world, where Bitcoin or other cryptocurrencies are exchanged and converted to the value of the property in UAE dirhams and then transferred to the developer.

One of the leading developers in Dubai directs its crypto clients to deal with Switzerland-based digital currency broker, Bitcoin Suisse, for buying real estate using Bitcoin and Ethereum currencies.

Bitcoin is an internet-based, decentralized payment system. Each user has an anonymous address, and you can trace every bitcoin’s transaction history. It uses blockchain technology, a database that co-exists in several locations and is shared by the community. “This structure makes it incredibly resilient because there is no central point of failure that can be attacked,” says Chris Merrett, bitcoin consultant at Meritorious Consulting. “If certain nodes of the network are attacked successfully, the other nodes in the network can adapt similarly to the human immune system adapting to a new virus.”

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