Dubai's lavish real estate property sold in bitcoins

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China might be planning a ban on cryptocurrencies; one can still use them in other countries. A Dubai based real estate agency sold a lavish project through bitcoin transaction.

It sold two 40-floor residential buildings named Aston Plaza at Dubai Science Park.

Baroness Michelle Mone, Partner of Aston Plaza, said there is a huge trading potential in cryptocurrencies. “We cannot ignore this market. It trades half-a-billion Great Britain Pounds (GBP) a day. And, astonplazacrypto.com really wants to tap into this community and take their investment and turn it into bricks and mortar.”

The way it works is simple too. Buyers can log onto real estate’s website and buy an apartment using bitcoin. The bitcoin will be immediately converted into US dollars.

For most of us, bitcoin remains clouded in mystery. That’s the reason Dubai’s financial regulator has released a statement this week, warning people about the dangers of cryptocurrencies.

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The Dubai Financial Services Authority says that it views any investments linked to virtual money as high-risk, but it doesn’t regulate such products. However, legal experts – who’ve been tracking the rise of the industry – call for rules to be put into place.

“Clarification in that field should come in writing and it should come in the form of regulation,” said Sally Sfeir-Tait, Global Head of Fintech with Clyde & Co Law Firm.

In a hope to tap bitcoin’s rise, Aston's development team is also planning similar projects in the future.

“There’s no way it’s going to go away. It’s only going to get bigger,” said Mone.

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