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Since the value of bitcoins remains below the nominal value of $20,000, buyers of real estate in Dubai are turning to an alternative — a cryptocurrency called Stablecoins to make deals. This currency, due to its structure, provides relative stability compared to other variants of digital currencies.
Be that as it may, buyers and sellers should exercise extreme caution when making transactions with cryptocurrencies due to the ongoing volatility, market sources add.
By cashing out cryptocurrencies, property owners ensure that the value of their assets will not be subject to the volatility that Bitcoin and other cryptocurrencies face. That's where Stablecoins serve their purpose.
«The relative stability offered by stablecoins is behind this transition from bitcoin to the repayment of real estate transactions», Firas Al Msaddi said.
Currently, more and more developers and landlords in the UAE are ready to accept payments in cryptocurrency. In addition, a regulatory framework is being developed that will simplify such transactions. But until this happens, all transactions made exclusively using cryptocurrencies must be carried out through over-the-counter platforms and in cash.
