Emaar denies claims of cryptocurrency payment options

Emaar denies claims of cryptocurrency payment options
Dubai's Emaar has denied that it will accept cryptocurrency payments.
Published: 20 February 2019 - 4:30 p.m.
By: Jack Ball

Dubai development giant Emaar Properties has denied reports that it plans to accept payments in digital currencies.

Responding to questions by Bloomberg, a spokesperson for the group – Dubai’s biggest publicly traded developer – said: “Emaar does not accept payment in digital currency. Emaar only accepts payment in government-issued currency, primarily in UAE dirham and US dollar.”

The comments come days after separate reports claimed that Emaar had communicated to real estate agents that it would accept cryptocurrency payments through Switzerland-based Bitcoin Suisse, one of the world's biggest brokers of digital currencies.

Cryptocurrencies are rapidly gaining traction in the GCC’s real estate market. In September 2018, Abu Dhabi-based Imkan Properties said it was considering cryptocurrency payments as an option for its customers.

Speaking to Arabian Business at the time, the group’s chief executive officer, Walid El-Hindi, said cryptocurrencies might be introduced as part of consumers’ payment plans.

Saudi Arabia-headquartered Acwa Power made the move in January 2018 to adopt solar cryptocurrency Solar Coin, becoming the first utility-scale generator to implement the blockchain-based digital asset and currency.


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