Buy property with Crypto

Cryptocurrency and blockchain in Dubai – how to buy real estate for Bitcoin
and how the technology affected the economy of the United Arab Emirates

How to buy property in dubai with bitcoin

How To Buy

According to the US famous magazine “Business Insider”, 50 luxury apartments were sold in Dubai for Bitcoin in 2018, marking the first real estate transaction for a cryptocurrency in the UAE. In Q4 2017, two business partners Michel Monet and Doug Barrowman announced the construction of 1,300 units worth USD 327,000,000. Fifty apartments in Dubai were put up for sale for Bitcoin.

Someone was buying 1 & 2 apartments, and one investor bought ten at once. According to Monet, most of the buyers matched the stereotypes of early cryptocurrency investors – young IT specialists in T-shirts.

This is the example of how crypto commerce & blockchain are getting into everyday life. The UAE, and Dubai in particular, wants to take the maximum advantage of this opportunity, especially since transactions of this format are safe and legal and free of paper-based red tape.

The buying process in United Arab Emirates is quite easy. First, contact our company to find the preferable property. Then confirm the purchase and buy the property in Dubai with bitcoin. That’s it, the property is purchased.

What Have The UAE Achieved After Four Years of Using The Blockchain

The United Arab Emirates used blockchain technology to upgrade government transactions at the federal level. Almost every sector of the UAE, from energy to media, is studying and implementing blockchain and distributed ledger technology (DLT).

After Dubai Blockchain Strategy in 2016 and the Emirates Blockchain Strategy in 2018, the government took active steps to promote the technology across the country, creating new industries and the new platform, which will enhance cooperation worldwide. The legislative framework is also being simplified.

Until 2021, Emirates Blockchain Strategy will focus on four main subjects: citizens’ and residents’ happiness, improved governance, advanced legislation, and international leadership.

Together with the World Economic Forum, the United Arab Emirates hopes to continue to introduce the blockchain further, using the best methods and minimizing financial risks.

These are just a few things that the United Arab Emirates has learned from the use of blockchain over the past four years. This information is updated as of January 2020.

Conclusion

Operational and regulatory issues, rather than technical factors, remain the main difficulties in the introduction of the blockchain. The difficult part was to determine the correct use of blockchain, and to ensure appropriate education and awareness for the partners involved. The government of the UAE showed a great enthusiasm in absorbing the new technologies and emphasized the value of innovation for the development of society. Thus, Dubai Blockchain Strategy and Emirates Blockchain Strategy have played a significant role in creating a collaborative environment that allow the private and public sectors to work together more efficiently. As for the real estate transactions, everything mentioned above is a good example of how the economy of Dubai is developing. The government will not be complacent in monitoring technological trends, which increases investment interest. We have already written about the benefits of investing in real estate in Dubai, and the use of blockchain is another important indicator of the quality and stability of the economy not only of the Emirate, but also of the country