Dubai approves bitcoin for salary payment

[Ndabagi01]

Good news coming to the digital currency space as one of the countries in the Asia region have just approved bitcoin and cryptocurrency for salary payments. It was first rejected in 2023 and now approved by the First court of instance.

Dubai's Court of First Instance recognized cryptocurrency as a valid form of salary payment, marking a significant shift in the UAE's approach to digital currencies. This decision is a notable update from the court's previous stance in 2023, where a similar case was rejected due to issues with valuing crypto payments.

This move will have a positive impact in the mass adoption and use of bitcoin. For a country as big and popular like Dubai to make this move, we wait to see similar from neighboring countries or tourist destinations like Dubai.

https://www.cryptotimes.io/2024/08/16/dubai-court-approves-cryptocurrency-for-salary-payments/

[Nwada001]

I saw this news yesterday, but I saw no public acceptance of crypto currency in there. It was only made clear that the said EcoWatt is now recognised and could be used as salary payment in the company as agreed, as long as it's acceptable by both the employer and the employee.
 
On the other hand, this could also be a step up for any firm in Dubai that wants to start paying their workers with crypto currency; it could easily be recognised and approved, just like the EcoWatt token, which appears to be a native token for a particular industrial use.

[Hatchy]

I read about it this morning. Dubai is becoming a hub for Bitcoin adoption, which is great since it's a popular tourist destination. However, I have one concern. Due to Bitcoin's volatility, many people might hesitate to receive their salaries in Bitcoin, as they want to preserve the value of their money in the long term. This is especially true for those who are new to cryptocurrency. If receiving salaries in Bitcoin is optional, not mandatory, it will be a step in the right direction.

[Lucius]

I read about it this morning. Dubai is becoming a hub for Bitcoin adoption, which is great since it's a popular tourist destination. However, I have one concern. Due to Bitcoin's volatility, many people might hesitate to receive their salaries in Bitcoin, as they want to preserve the value of their money in the long term.
~snip~

If it is possible to receive part of the salary in BTC and the rest in fiat, that would be a good solution for those who would practice DCA in that way - and I honestly doubt that anyone would want the total amount in BTC. However, this is not about BTC itself, but about the fact that salaries can be paid in all cryptocurrencies, and if someone chooses the stablecoins option, then he does not have to worry about volatility.

[Dailyscript]

I saw this news yesterday, but I saw no public acceptance of crypto currency in there. It was only made clear that the said EcoWatt is now recognised and could be used as salary payment in the company as agreed, as long as it's acceptable by both the employer and the employee.
 
On the other hand, this could also be a step up for any firm in Dubai that wants to start paying their workers with crypto currency; it could easily be recognised and approved, just like the EcoWatt token, which appears to be a native token for a particular industrial use.

Every good thing starts with a step. Since Ecowatt which is a well-pronounced company in Dubai has adopted this method of payment. It will be accepted by others gradually since some people are ready to accept it as a means of payment.

However, the information I got from x was that the Dubai court validated the use of cryptocurrency for payment. Based on the fact that a worker sued his company for refusing to pay the promised cryptocurrency based on the fact that it was not a legal payment method. The court decided that the money should be paid in cryptocurrency and not fiat and at the same time it was made legal to accept cryptocurrency as payment in case there are other cases similar to this.

[Tungbulu]

It's indeed a very positive move for the cryptocurrency space because it creates a legal basis for the usage of digital currencies in contracts of employment as well as several other sectors. The truth is that the fact that a global economic city like Dubai recognizes cryptocurrency as a viable method of salary payment means that yet another phase in the evolution of Bitcoin and other crypto currencies may be looming large. It will be quite insightful to observe and note just how this new development and decision is going to shape the rest of the countries and industries to mimic. The potential for more widespread adoption of Bitcoin and other cryptocurrency by average users is quite enormous, and this decision made by the Dubai Court can actually be considered as great progress towards achieving that.

[CageMabok]

Good news coming to the digital currency space as one of the countries in the Asia region have just approved bitcoin and cryptocurrency for salary payments. It was first rejected in 2023 and now approved by the First court of instance.

Dubai's Court of First Instance recognized cryptocurrency as a valid form of salary payment, marking a significant shift in the UAE's approach to digital currencies. This decision is a notable update from the court's previous stance in 2023, where a similar case was rejected due to issues with valuing crypto payments.

This move will have a positive impact in the mass adoption and use of bitcoin. For a country as big and popular like Dubai to make this move, we wait to see similar from neighboring countries or tourist destinations like Dubai.

https://www.cryptotimes.io/2024/08/16/dubai-court-approves-cryptocurrency-for-salary-payments/

For developed countries and have quite high popularity in the world, of course it will not be that difficult to accept new things in their lives and approve new things in their own environment as you said. Because a country like Dubai that is still quite happy to make changes and create new things that have not been made by other countries, of course it will not be so surprising when Dubai wants to make such a step now even though previously there was a rejection that perhaps the authorities there had not researched it further at that time.

But for now, it has come true again because maybe the State Court has seen Bitcoin as something logical to be accepted and legalized to pay the salaries of its own country's employees even though their own country's currency still has a pretty good value at the moment. But what we need to see is Dubai is willing to accept Bitcoin and make such a move so that it could be that the move can influence other countries that are also close to Dubai to make almost the same move.

[Deddyhoku]

I still think that fiat salary is much more flexible. You always can buy as much crypto from is as you want and still have fiat for fiat only payments

[Iranus]

I read about it this morning. Dubai is becoming a hub for Bitcoin adoption, which is great since it's a popular tourist destination. However, I have one concern. Due to Bitcoin's volatility, many people might hesitate to receive their salaries in Bitcoin, as they want to preserve the value of their money in the long term. This is especially true for those who are new to cryptocurrency. If receiving salaries in Bitcoin is optional, not mandatory, it will be a step in the right direction.

Just like many companies or stores already accept bitcoin payments, but what we need to care more about is how many people are willing to use bitcoin as a payment method. Because most people are interested in bitcoin for its profits, there are very few people who are interested in its actual use cases and even they think that using bitcoin for payment is a waste. Or even we are strong proponents of bitcoin, but how many of us are willing to use bitcoin as a means of payment on a daily basis?

I guess receiving a bitcoin salary would be an option, if that were the only method there would be strong opposition. Bitcoin's volatility is great for our investments, but it's not so good if we use it as a currency or a store of value.

[wallet4bitcoin]

Good news coming to the digital currency space as one of the countries in the Asia region have just approved bitcoin and cryptocurrency for salary payments. It was first rejected in 2023 and now approved by the First court of instance.

Dubai's Court of First Instance recognized cryptocurrency as a valid form of salary payment, marking a significant shift in the UAE's approach to digital currencies. This decision is a notable update from the court's previous stance in 2023, where a similar case was rejected due to issues with valuing crypto payments.

This move will have a positive impact in the mass adoption and use of bitcoin. For a country as big and popular like Dubai to make this move, we wait to see similar from neighboring countries or tourist destinations like Dubai.

https://www.cryptotimes.io/2024/08/16/dubai-court-approves-cryptocurrency-for-salary-payments/

We are gradually getting to the point where P2P will become a common acceptable payment system using Bitcoin as the default currency. To think we couldn't achieve this feat a few years ago and look at where we are now.

Dubai is known to be a home for tourists from every part of the world, it is almost impossible not to transact when in Dubai as there are loads of tourist attractions you would want to experience and then you hear something like "We accept Bitcoin here", I love the sound of that.

Welcome to true Decentralization guys!

[Fiatless]

I saw this news yesterday, but I saw no public acceptance of crypto currency in there. It was only made clear that the said EcoWatt is now recognised and could be used as salary payment in the company as agreed, as long as it's acceptable by both the employer and the employee.

This news is born out of the court judgment that ruled that an employer should pay its ex-employee the EcoWatt tokens that were included in the contract as part of his salary. The employer didn't want to pay the employee because they claimed that payment in crypto is not legally enforceable in the country. This landmark ruling has paved the way for the paying and acceptance of cryptocurrencies' wages or salaries. OP might be assuming that this judgment might lead to public acceptance of cryptos.

I read about it this morning. Dubai is becoming a hub for Bitcoin adoption, which is great since it's a popular tourist destination. However, I have one concern. Due to Bitcoin's volatility, many people might hesitate to receive their salaries in Bitcoin, as they want to preserve the value of their money in the long term. This is especially true for those who are new to cryptocurrency. If receiving salaries in Bitcoin is optional, not mandatory, it will be a step in the right direction.

Accepting Bitcoin or other crypto as salaries will be based on agreement between the employer and employee. Even the case that led to this law was about paying salaries both fiat and a token called EcoWatt. Based on the contract, the worker was meant to receive a salary in fiat alongside 5,250 EcoWatt tokens. So, I think accepting crypto as salaries will be optional.

[CryptoHeadlineNews]

Good news coming to the digital currency space as one of the countries in the Asia region have just approved bitcoin and cryptocurrency for salary payments. It was first rejected in 2023 and now approved by the First court of instance.

Dubai has always been a tourist center, and best place for relaxation/honeymoon, hence, with this it's acceptance of Bitcoin and approval to be used as a means of paying salary to workers, it's indeed a welcome development, as this is likely to expand it's community of Bitcoin owners in that region, and as such, I will suggest that while Dubai is approving laws related to Bitcoin, let them not forget to enlightened people who knew little or nothing about Bitcoin, so as to not lose there coin to scam due to ignorance, as that will go a long way.

However, I have one concern. Due to Bitcoin's volatility, many people might hesitate to receive their salaries in Bitcoin, as they want to preserve the value of their money in the long term. This is especially true for those who are new to cryptocurrency. If receiving salaries in Bitcoin is optional, not mandatory, it will be a step in the right direction.

In cases of people who are new to Bitcoin, I think the best way will be for a public enlightenment about what Bitcoin is, how it works, and how it's been store and transacted. I think this basic knowledge will go a long way. While payment are done just as signature campaigns on this forum are done (i.e to have a specified amount like $100 or $150) which will be paid monthly in Bitcoin according to the current rate of executing transaction.

[Jating]

Oh well, there's always been a first and so with this news, this could be welcoming for those who work on Dubai. And for sure employee-employer knows the risk here and before they have implemented it they might consulted their employees and most of them could be really in Bitcoin or crypto in general.

And so with that, it might have answered the nature of Bitcoin as volatile although they would be being paid in their equivalent local fiat. And just like in signature campaigns that is pegged in USD already. So if there is a shift in prices, those employees might not be affected by the price fluctuations.

[SFR10]

one of the countries in the Asia region have just approved bitcoin and cryptocurrency for salary payments.

Are you sure this extends to the whole of UAE? I couldn't find more information so based on the location of the court, I'm assuming it's just limited to Dubai!

I still think that fiat salary is much more flexible. You always can buy as much crypto from is as you want and still have fiat for fiat only payments

You have a point, but you can do the opposite with your crypto salary as well ^{[convert the amount you want while keeping the rest]}.

[Z-tight]

It is not a bad decision for whoever decides to receive their salaries in BTC and other cryptocurrencies, however, if you depend completely on your salary and you start spending it as soon as you receive it, then it may be better to receive your salary in fiat currency, or maybe partly fiat and crypto. It is a good development in the adoption of digital assets and i am sure it would be optional, so those who opt for it will surely know what they are doing.

[passwordnow]

AFAIK, Dubai is starting to make their place to become a crypto friendly area and a hub to the global markets for being recognized that way. I didn't know that such laws are being pushed when companies are free to pay their employees however they want. But to be compliant with the rules of the government, they need to pass on to the law like this. I haven't read yet the entire details about this but it's easy for those that are into Bitcoin to receive payments or salaries in that form so that they don't have to go through any other means but by receiving it directly on their bitcoin wallets.

[Wexnident]

~

Would be amazing to be able to receive part of your salary directly as Bitcoin though. Would save the hassle of directly converting your money and storing it in your wallet. Otherwise I doubt employees, even if they were pro-Bitcoin, would want their salaries to be in it. I mean you can't even buy stuff in general grocery stores with it after all. Maybe if that was implemented as well then we'd see people adopt it more? Otherwise, it's just an option for people who DCA which I'm pretty sure in the grand scheme of things, are pretty small in amount.

[kryptqnick]

Dubai isn't just a tourist destination, but also a major business hub of the world. It's known for innovation and for being business-friendly, so the court's decision makes sense to me. However, I believe two things are important here. First, it's the court of first instance, so it's decision might be overruled. Second. UAE's legal system isn't precedent-based, so one court decision doesn't mean that a different court in a different case won't say otherwise.

[falcon_2020]

Good news coming to the digital currency space as one of the countries in the Asia region have just approved bitcoin and cryptocurrency for salary payments. It was first rejected in 2023 and now approved by the First court of instance.

Dubai's Court of First Instance recognized cryptocurrency as a valid form of salary payment, marking a significant shift in the UAE's approach to digital currencies. This decision is a notable update from the court's previous stance in 2023, where a similar case was rejected due to issues with valuing crypto payments.

This move will have a positive impact in the mass adoption and use of bitcoin. For a country as big and popular like Dubai to make this move, we wait to see similar from neighboring countries or tourist destinations like Dubai.

https://www.cryptotimes.io/2024/08/16/dubai-court-approves-cryptocurrency-for-salary-payments/

Of course yes, it is a great move and since Dubai is the flag bearer for innovations, this will help the crypto industry and more countries in the region will follow suit. The next generation internet which is web 3.0 is all about innovations using the internet and the digital assets, this ground breaking approval by the UAE government to allow employers pay their employs salary in cryptocurrency will help the crypto market.

[Viscore]

This news is not surprising anymore since it has been noted that Dubai has been bitcoin friendly and has been accommodating bitcoin transactions like in shopping malls, hotel bookings and even in car rentals, thus bitcoin as a payment salary has already been set to happen considering bitcoin or cryptocurrency is never a threat to their own jurisdiction but establishing itself as a crypto-friendly instead.