Biggest Publicly Traded Developer in Dubai—Emaar, Denies Rumour of it Accepting Payments in Cryptos

Biggest Publicly Traded Developer in Dubai—Emaar, Denies Rumour of it Accepting Payments in Cryptos

digital currencies

A previous rumour made it known that the biggest publicly traded developer in Dubai—Emaar Properties PJSC is now accepting payment in digital currencies. However, a recent report coming directly from the company denies reports of it having plans to accept payments in digital currencies.

Leaked Email is Not From Emaar

A fake email which was recently “leaked” made it known that the company is now accepting payment in Bitcoin and Ethereum.

The content of the email reads:
“We are pleased to announce now that all customers will be able to buy Emaar Properties using digital currencies (Bitcoin and Ethereum),” “The transaction will happen through one of the biggest brokers of digital currencies in the world ‘Bitcoin Suisse’ who are regulated and based in Switzerland.” the email continued that:

The company has however denied the email and distanced itself from the content of the email currently circulating around.

“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 U.A.E. dirham and U.S. dollar.”

The company which is known for being the one to build the tallest building in the country has overseen the construction of more than 51,800 residential units across the world while more than 29,800 residences are currently under development in the UAE and over 17,500 units in other parts of the world.

Emaar’s Crypto Future Uncertain

With the company coming out to debunk the said leaked email, it is still unclear what might have prompted the posting of such misleading information. It is also still unclear whether the company has plans to accept crypto in the future or it is not even part of its agenda.

While the wait to know whether the company will accept crypto anytime soon is still on, the company only accepts payment in two main currency (U.A.E. dirham and U.S. dollar.)