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UAE Residential Project Accepting Bitcoin Payments Stalled Since 2018: Report

Aston Plaza and Residences, an upcoming real-estate project accepting Bitcoin was announced in September 2017. The price of one bedroom condo in the two 40-storey buildings was initially offered at $133,918 (or about 25 BTC at press time price), and two-bedroom condos are priced at 73 BTC.

The world’s first luxury real estate project that allowed Bitcoin Payments drew the attention of mainstream media immediately. The total capital value of the project was estimated at $325 million.

Also Read: TradeWinds Partners And Foster Estate Team Up To Launch A New Crypto Fund

The real-estate being sold with Bitcoins was introduced by British Billion Entrepreneur, Baroness Michele Mone along with husband Doug Barrowman. Mone had told CNBC in an interview in 2017,

“Being a designer for 21 years, it’s a real passion of mine as the design side, and it’s great to be partnering up together as well to launch this. And this is the first major global development where you can purchase in bitcoin,”

According to their website, over 400 out of a total of 1300 apartments have already been sold. However, reports of the project being halted temporarily have been doing the rounds. According to sources, the project has been stalled since January 2018. The project was expected to be completed by mid-2019.

Mone has earlier also planned to raise money through an ICO for the ‘equi coin‘ project. However, it was halted as well due to losing the interest in the crypto-community and increased Government crack-down on ICOs. The initial investments from private ICOs and early stages were duly returned to the investors.

Do you the stalling of the project has something to do with it accepting Bitcoin payments? Please share your views with us. 

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