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Friday, January 27, 2023

? UAE plans to pay salaries in cryptocurrency


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The adoption of digital currencies has increased in many countries in the recent period, either as official currencies or alternative currencies for payments.

It seems that this widespread adoption will soon come to Dubai, after it introduced a legal framework and established an authority to regulate cryptocurrencies. Regulators in this industry believe that companies will start paying employees with cryptocurrencies and use them for registration requirements. daily payment, such as bills and buying products in the market.

One of the companies that recently adopted digital currencies in Dubai was Emirates Airlines, where crypto owners will be able to book their flights with the USDT digital currency in the first stage, with other digital currencies to be adopted later.

Yoshi Markets CEO Mostafa Khraibeh said:

Salaries are already paid in cryptocurrencies in many countries, such as New Zealand, Japan, the UK, and in many European countries, such as Denmark, but it is still rare in Dubai to pay salaries in cryptocurrencies, since many people will not feel comfortable due to lack of knowledge and lack of use in the markets The volatility of the prices of some currencies is significant.

Digital Financial Exchange (DIFX) CEO Gitto Kataria said:

An interesting factor is the emergence of Metaverse projects, all of which operate and publish their own cryptocurrency.

Recent events have also shown the world how a digital currency can be used in a charitable sense, which many did not think would be so easy. In general, the growth of cryptocurrencies is still in its early stages, which is the only thing that I think will become a predominant form of investment for the general public.

Executive Director of the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM), Emmanuel Jevanakis, said:

Looking at the different types of cryptocurrency use cases, across payments, storage, governance, etc., it looks like the next five years are going to be an interesting one. Equally important, there is also potential for further use of blockchain technology in different types of financial services activities.

Mustafa Khraibeh also said:

We are seeing more and more companies offering cryptocurrency payments on a daily basis, with the mayors of upcoming crypto hubs like Miami and New York looking for ways to pay salaries in cryptocurrency in addition to converting their entire personal paycheck to Bitcoin. And that there may be a possibility that some organizations pay part of the salaries in the UAE in the form of stable cryptocurrencies, considering that the UAE aims to increase the number of companies operating in the cryptocurrency industry.

Last Monday, Argentine congressman José Luis Ramón introduced a bill to allow employees and service providers to receive their full or partial salaries in cryptocurrencies.

According to Ramón, the objective of his project is that “Argentines can strengthen their independence and preserve the purchasing power of their salaries,” since the Argentine currency, the peso, is experiencing an inflation rate of 50 percent.

Bitwage, the platform for converting cash and paper money into cryptocurrency, recorded a 300% growth in the monthly transaction volume of Argentines over the past year, while witnessing a 500% growth in the number of Argentines registered with the platform, according to what the company reported to CoinDesk “CoinDesk”.

The 2021 State of Employment Report shows a 10% increase per month among people who want to be paid in cryptocurrency.

There are many prominent athletes and politicians who are paid in cryptocurrency, and a study has shown that the number of ordinary people who are paid in cryptocurrency has increased globally.

As well as being used as wages, digital payments are also gaining adoption among small businesses (SMBs) around the world, with a study published in January showing that 24% of small and medium-sized businesses plan to accept payments in cryptocurrency, and According to those surveyed, this is vital for the growth of their businesses.

Big companies in the payment industry are also realizing that digital currencies are the future of payments.


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