UAE has turned out to be the most favorable location across the globe for trading and spending cryptocurrencies. The country, particularly Dubai has made it seamless for people who own digital currencies to spend their money across several different establishments including restaurants, retail shops, and leisure spots. You would be thrilled to know that you can also buy the property and do investments in the real estate sector using bitcoins and other popular cryptocurrencies.
More and more businesses are now jumping on the bandwagon making it quite simple for people to carry out cryptocurrency transactions. Upmarket eateries, international brands, and many local vendors accept cryptocurrency as a valid payment option. Residents and tourists are now more eager than ever to know exactly how and where they can spend cryptocurrencies in Dubai and other emirates in UAE.
Excited to unveil further interesting facts? Read on to find out more
Tips to Spend Cryptos in Dubai
If you have been hoarding cryptocurrencies in Dubai, you must be curious to know how you can spend digital money besides keeping them safe as an investment. With the world slowly moving towards Metaverse, a lot of brands and businesses in the emirate have now begun to accept cryptocurrencies as payment. You can spend cryptocurrencies in restaurants, cafes, theme parks, and retail shops, and even buy property.
Let’s look into where and how you can spend cryptocurrencies in Dubai.
Spend Cryptocurrencies in Restaurants, Retail Shops, and Hotels
Dubai has witnessed rapid development and growth over the years and continues to soar high. Being the trade and business hub in the region, the Emirate adapts to the latest advancements in finance, trade, and IT niches. Establishments in Dubai have now started to accept cryptocurrencies as payment and residents and tourists can now use their bitcoins, Ethereum, Tethers, BNBs, and other digital currencies for paying bills at eateries, shops, and hotels.
Whether you need to pay for a staycation or want to make the payment for your bill at a restaurant, you can now pay using your digital wallet.
Antika, B018, Bake n More, Café Beirut, Bhukkad Café, Ce La Vi, Doge Burger, February 30, La Casa Del Tango, Lucia’s, MetaTerrace, Pickl, Seven Sisters, and The Theatre are some of the popular restaurants that are now accepting cryptocurrencies as a valid payment option.
Pay for Booking Flight Tickets and Car Rentals using Crypto
You can now use your cryptocurrencies for booking flight tickets and hiring car rental services in Dubai. The city has made it easier for residents and tourists to use their bitcoins and digital money to pay for a wide selection of services as part of its commitment to emerging as a hub for economic diversity in the region.
Cryptocurrencies are not subject to the same laws as conventional currencies making them a suitable payment option for individuals, investors, and businesses. Customers have been viewing it as a positive change and feel paying bills with cryptos is simple, quick, and hassle-free.
Owing to its popularity, it can be assumed that more brands and businesses will start accepting digital currency as payment in the time to come.
oneclickdrive, kingsrentcars, asuppercarrental, superiorrental, and qeeq are prominent car rental services in Dubai that accept cryptos as payment for their services.
Emirates Airlines has also announced it will soon be accepting digital currencies for booking flights to and from Dubai. It would be a major step towards tapping into the global market as a lot of travelers now carry digital currencies when flying to international destinations.
Use Cryptos for Buying Real Estate in Dubai
Over the past few years, there has been a sudden rise in the number of payments made for buying property in Dubai with cryptos. An increasing number of Investors are now using digital currencies for making investments in the real estate market and more are likely to follow suit.
Dubai is an attractive hotspot for buying and selling property for investment purposes and with cryptos being made an acceptable mode of payment, more investors will likely be putting in their stakes in the thriving real estate market. Paying with digital currencies makes it easier for the investor to make transactions as there are no fees applicable to transferring the money. Also, it’s a feasible option for those who do not want to carry cash and prefer to avoid dealing with checks. Damac Properties and Emaar accept crypto transactions and accept payments made in Bitcoins, Ethereum, Tether, and other notable digital currencies.
Shop your Heart out with Cryptos at Stores across Dubai
You will be thrilled to know that you can shop for goods and grocery items using cryptos at select stores in Dubai. Day to Day Hypermarket is the first among the UAE stores to announce the acceptance of Bitcoin as a valid transaction method when shopping for goods at their outlets.
Customers will not only be able to buy things at the physical stores but will also have the option to shop online at their website using cryptos. The store is famous for its affordably priced products, grocery, and household items.
Retail Giant Majid Al Futtaim is another notable establishment in UAE that has announced its plans to accept cryptos at its stores across the country. Customers will be able to spend cryptos seamlessly to buy apparel, fashion accessories, shoes, electronic appliances, household essentials, and a lot more. The company is running multiple stores in Dubai including the utterly famous Carrefour, Mall of the Emirates, and City Centre Malls.
Covert your cryptos into Cash
Besides spending cryptocurrencies from your digital wallet on shopping, dining, and purchasing real estate, you can also convert your digital currencies into cash at select platforms in Dubai. Coinsfera, SBID, Pallapay, eToro, Saxo Bank, and Sarwa are reliable sources where you can sell your bitcoins and receive dirhams or US dollars in return.
You can sign up for an account on the above-mentioned platforms or contact their customer care representative for assistance. You may also visit the brokers’ brick-and-mortar stores for converting your digital currencies into dirhams.
Another suitable option is to use a peer-to-peer platform for exchanging cryptos. These platforms allow users to connect and buy and sell cryptos simply and straightforwardly. You can exchange the currency online or in person. After your currency is converted into Dirhams, you can spend it anywhere as per your choice.
Use Cryptos for Purchasing Stocks
Last but not the least, you can use your cryptos to invest in stocks in Dubai. There are fewer options available for stock trading with cryptos but it’s a good option if you plan to invest your assets for higher revenue returns.
For buying stocks, you can opt for an online platform like eToro, Sarwa, Coinbase, Binance, and TradeStation are some of the renowned online brokers where you can sign up for purchasing stocks with digital currencies. A trading account will help you buy and sell stocks using cryptos to make money easily on the go.
Besides this, the peer-to-peer exchange can also be utilized for buying stocks in Dubai with bitcoins. You can trade stocks and carry out transactions with your digital money seamlessly without any charges being involved. Stock investment with cryptos is a smart option for diversifying your asset portfolio and can help you in making a good deal of money.
Summing it up
While the Central Bank of UAE has not yet licensed cryptocurrencies or made them an officially recognized mode of transaction in the country, you can still use digital money for purchasing goods, services, properties, and stocks. A lot of eateries, bars, and cafes have started accepting bitcoins as a valid mode of transaction and many are following suit.
Crypto payment is getting increasingly popular because of the low transaction fees and enhanced security. As these digital assets are not regulated or governed by state laws and regulations, they are highly anonymous and largely decentralized. This makes it an easier option for the user who prefers privacy when carrying out trade and transactions internationally. As UAE continues to progress as an international hub for trade and business, cryptocurrencies are likely to rise as a preferred choice for carrying out transactions in the country.<
But Cryptocurrencies do have their fair share of risks and limitations. As digital currency is not licensed by UAE law, any fraud or scam plotted cannot be claimed in a court of law. Users are sometimes at risk of losing their money with no possible way to get it back.
Also, your digital wallet is at risk of being robbed by hackers and scammers online. The cybersecurity issue and the risk of data loss sometimes make the user reluctant in spending money, especially on online stores.
Cryptos are still a new technology and are highly volatile. Digital currency is subject to extreme fluctuance and thus It is advised to be watchful and proceed very cautiously.