Using Bitcoin for everyday purchases or bills remains a bit difficult. Most service providers do not accept Bitcoin payments directly or indirectly. Over in Dubai, you will see be able to pay rent with BTC. Property and real estate brokers at City Walk will enable Bitcoin as a payment method for rent. This is a big development for the world’s leading cryptocurrency.
Being able to pay rent with Bitcoin is a major step forward. It is one of the most legitimate use cases anyone could have for cryptocurrency. Especially with the Bitcoin price increases, it can become a cheaper way to pay rent pretty quickly. For now, this functionality is limited to just a few countries in the world. Dubai is one of those regions, at least if you rent a property on the City Walk. Come October 1st, all rental properties will accept Bitcoin payments.
Dubai Embraces Bitcoin as a way to pay Rent
It is quite an unexpected turn of events, to say the least. Accepting Bitcoin payments for residential properties is a big leap of faith. Especially when considering how Dubai has no official cryptocurrency regulation or guidelines. This encouraging start should not be overlooked by any means, though. It shows Dubai is one of the more open-minded regions when it comes to Bitcoin and cryptocurrency.
Fam Properties CEO Firas Al Msaddi comments as follows:
“The decision comes on the heels of recent real estate projects in Dubai Science Park involving Bitcoin transactions. Some of the landlords we’re representing in property management at City Walk were very excited by the news because they’re bitcoin traders, and they believe that bitcoin opportunities in real estate will attract educated and savvy tenants.”
Do keep in mind there is one condition to be met. Consumers have to pay the full year’s rent in Bitcoin in one go. That may be a big drawback for some, but it is also to be expected. This is still a big “social” experiment by landlords and the property management company. It will be interesting to see if Dubai will welcome new residents who prefer to pay rent with Bitcoin. A similar project launched in the UK, where people can pay their rent with Bitcoin as well.