The Dubai Court has accepted cryptocurrency as a legal means of payment of salaries. The ruling is a landmark that takes the region closer to the use of other digital assets in various business transactions.
The verdict was delivered and it will impact business people who are undertaking activities in Dubai and the general population. This helps the employer to allow his employees to transact and be paid using bitcoins or any other virtual currency of their choice apart from the normal wages. Besides, it provides new opportunities for businesses enhancing attraction of talents in the world global competition.
It is also in line with Dubai’s strategic plan to be not only a regional but a global leader in innovation and technology. Dubai has also shown significant progress to adopt Blockchain technology and Cryptocurrency that already consists of the Dubai Blockchain Center and the Dubai Virtual Asset Regulatory Authority (VARA).
The legal tender has also been passed more recently to use the cryptocurrency for the salary payments, and this is believed to enhance the image of Dubai as a more friendly business destination and to attract more and more foreign investors. It also means an increasing recognition of digital currency in the form of digital assets globally.
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