Shiba Inu Bill Payments Now Enabled in One of Dubai’s Highest Rated Hotels, Details Here

Shiba Inu is a meme-coin, founded in 2020, that is currently priced at $0.0000088 (roughly Rs. 0.000711).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 14 November 2022 13:03 IST

Shiba Inu Bill Payments Now Enabled in One of Dubai’s Highest Rated Hotels, Details Here

Photo Credit: Twitter/ Shiba Inu

Owned by Marriot International, W Dubai – The Palm has 347 guest rooms that can be paid for in SHIB

Highlights

Crypto activities are legal and governed by regulations in Dubai
Several businesses are accepting crypto payments in Dubai
These include Damac Properties and some local schools

Despite the ongoing fluctuations in the crypto market, the adoption of crypto assets in the UAE continues in full force. In a fresh development, one of the highest rated extravagant hotels in Dubai has opened payments in the Shiba Inu cryptocurrency. The name of this luxury hotel is W Dubai – The Palm, which is a five-star facility with a total of 347 guest rooms that are priced between $147 (roughly Rs. 12,000) - $655 (roughly Rs. 53,000).

Shiba Inu (SHIB) is a meme-coin, founded in 2020, that is currently priced at $0.0000088 (roughly Rs. 0.000711) as per the crypto price tracker by Gadgets 360.

Booking rooms for this Mariott International-owned hotel is now open via SHIB, details of which have begun to emerge on Twitter.

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Hey #SHIBARMY, check out the @WHotels Dubai - The Palm:gem:

Book this 5-star luxury hotel on Travala https://t.co/igAn3m8dTC with $SHIB and enjoy the private beach with views of the city skyline and the Arabian Gulf. @Shibtoken
:video_camera:itzik_balas IG pic.twitter.com/BuBE0XPdNX
— Travala.com (@travalacom) November 8, 2022

Dubai has been making strides in terms of establishing itself as a crypto hub.

The crypto sector in Dubai is governed by a set of legal regulatory framework. UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law for virtual assets while also establishing an independent body to oversee the governance of the crypto space in March this year.

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Back in September, the Palazzo Versace Dubai hotel began accepting cryptocurrencies such as Bitcoin, Ether, and Binance Coin for staying, dining, as well as its spa services. The Palazzo Versace Dubai has partnered with Binance to offer the guests the possibility to settle payments via cryptocurrencies.

This is how you pay with crypto (#Binance Pay) at the Palazzo Versace Dubai. https://t.co/M6PhPP2w8e
— CZ :large_orange_diamond: Binance (@cz_binance) September 11, 2022

Not just hotels, but other businesses in Dubai are also experimenting with crypto payments. Back in April, Dubai-based real estate developer Damac Properties announced that it would accept payments in the form of cryptocurrencies.

“This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry,” Ali Sajwani, general manager of operations at Damac and head of the organisation's digital transformation initiatives had said in a statement at the time.

Around the same time, a local school in Dubai announced that it is considering accepting Bitcoin and Ether as payments for tuition, making it the first school in the Middle East to do so.

In December last year, the Dubai Media Office announced that the Dubai World Trade Centre (DWTC) will become a crypto zone for virtual assets - including digital assets, products, operators, and exchanges.

Relevant authorities are also working on enforcing rigorous standards for investor protection, anti-money laundering provisions, combating terror financing, ensuring compliance, and allowing cross border deal flow tracing in Dubai.

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Further reading: Cryptocurrency, Dubai, W Dubai The Palm

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More