Dubai sees a new $250 million project in progress. The owners of this project say that the real estate buyers can make a Bitcoin payment too. It is a new way of payment introduced in purchasing the property.
Entrepreneurs Behind the Project
The project is the brainchild of two British entrepreneurs Doug Barrowman and Michelle Mone. The project with the name of Aston Plaza and Residences is spread over 2.4 million square feet. It will feature two towers with 40 stories.
The developers of Aston Plaza and Residences say that they are the first to accept Bitcoin payment. The entrepreneurs, in the business for over two decades, believe it will be a significant opportunity for the buyers.
One of the entrepreneurs, Mone also owns a lingerie brand. She also has an interior design company named Michelle Mone Interiors which will design the interiors of the apartments. The company will also work on developing the buildings’ reception areas and walkways.
Why Receive Apartments in Bitcoin Payment?
Barrowman, one of the entrepreneurs, who Chairs the Knox Group of Companies stated that he believes Bitcoin as a mainstream way of investment. He said that he only started investing in cryptocurrency for the last two years. Furthermore, he indicated that he has seen the currency emerge and grow.
Barrowman also added that he thinks the crypto world is maturing after early adopters are selling the currency. Thus, according to him, the mainstream application of this digital currency has started to become more evident. Therefore, he thinks he is offering those mainstream cryptocurrency users an opportunity to make Bitcoin payment for the real estate.
Governments Not Happy with Bitcoin Payment
Several governments around the world do not accept a parallel currency challenging the currently in place monetary system. The lack of regulation is one of the primary drivers of their concerns.
A few days ago the People’s Bank of China along with other financial regulatory authorities of the country had announced a clampdown on ICOs. ICOs or Initial Coin Offerings is any of the unregulated ways for raising funds for the new cryptocurrency ventures.
Bitcoin Payments and Transparency
The entrepreneurs behind the development of Aston Plaza and Residences say that they will keep everything transparent. Mone says that she will only accept Bitcoin payment transparently. Furthermore, she stated that Bitcoin is the currency of the future and referred to various laws for regularizing the cryptocurrencies.
Project Completion Date for Aston Plaza and Residences
The developers behind the Aston Plaza and Residences estimate the project to be finished by September 2019. Furthermore, The two towers will have over 1000 apartments and a shopping mall. The buyers of the apartments will pay via BitPay (a crypto currency payments platform) for making payments.
The property developers state that the use of Bitcoin payment would let the buyers make payments within minutes.