Buying Real Estate using Crypto

Yes, you have heard it right, yesterday I have written about what is next for crypto other than only the investment. Like 10 years back someone has bought 2 pizzas for 10K BTC and now people actually think of owning at least a BTC. So today a news came that DAMAC Company which is mainly into real estate has started accepting BTC and ETH so that people can buy properties using these cryptos.

PC: Pixabay.com

Now, this is exciting news for all of us as crypto enthusiasts and we know that Dubai is one of the best places for people with crypto to spend as there is no regulation yet. WazirX, the Indian Crypto exchange also has moved its base from India to Dubai just to deal with crypto. So companies who all are in Dubai are actually trying to leverage the crypto craze by accepting it as a payment.

PC: Damac.com

According to Ali Sajwani (the general manager of DAMAC properties), adding crypto as a transaction mode is exciting for them as well as they want to recognize this technology because that is the future. This is true, people who all are adopting this technology will actually be pioneers because we all know that this is the future and no one in the right frame of mind can deny the fact. Also, it is very crucial for global businesses to stay on top of their business and that can happen only through evolution we all know that Crypto is the evolution and we all are part of it. Anyone who is trying to miss this will regret it later.

Also, I would like to thank the Dubai government because that is one of the few governments which have come up with crypto-friendly regulations and thus major exchanges have set up their offices there like By bit, Binance, and WazirX. I think the next plan of DAMAC properties would be entering into the metaverse so that they can integrate the luxuries of the physical assets as well as the digital assets.

But again this is great news, now if I have to purchase a property in India, I have to convert all my crypto to INR, pay 30% tax and 1% Gst and then pay that INR to the seller. But think about it, if we just pay him directly and if he sells his property that would be an awesome use case and I think with DAMAC properties we are heading towards that future.

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