Dubai approves bitcoin for salary payment

[Yatsan]

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.

It is true that some country in Asia has agreed to incorporate the use of Bitcoin and cryptocurrencies for payments, this comes especially when so many things in life have changed from major bans happening earlier this year. Legally recognizing cryptocurrency as a form of true payment means more than just adopting the Bitcoin Act, but setting precedence that could encourage other countries to take similar actions. Such events could also help shed some of the skepticism hovering above digital currencies, proving real-life functionality beyond the use of speculative currency. It will be interesting to note how this initiative further goes on to affect the economy at large and also if it will generally increase the value and acceptance of cryptocurrency in the region and beyond.

[Peanutswar]

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 is just a recognition and it's not mandatory it will now depend on the employers if they would like to support this kind of action but I guess the people will be against it is the employees because we know how the market is volatile imagine it your payday and debit already to your wallet address and unexpectedly the market crash and makes a 5% price down movement still its a huge amount to others so they would prefer the use of the fiat currency. Again base on the statement its just recognized it depends on the institution if they adopt this.

[Ishicryptic]

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.

Dubai's Bitcoin adoption is a step in the right direction for them, being a country that is a destination for tourism, it will encourage the crypto community to visit their country and spend money in cryptocurrency. This approval of Bitcoin payments in that country will encourage more people in Dubai, and other neighboring countries who are still skeptical about it to approve and encourage the use of Bitcoin. Although Bitcoin is volatile and not very appropriate for salary earners who needs to spend money on the short term because price can dip when they want sale or spend it but during bull run they will profit as it will yield returns on investment for them.

[DeathAngel]

Great news for those who reside in The Emirates. They’ve been forward thinking & open to innovation & entrepreneurship for a long time now. They have no taxes on salaries & capital gains also. For some it could be the perfect place to move to, in order to avoid tyrannical, commie Western Governments.

[Wiwo]

Great news for those who reside in The Emirates. They’ve been forward thinking & open to innovation & entrepreneurship for a long time now. They have no taxes on salaries & capital gains also. For some it could be the perfect place to move to, in order to avoid tyrannical, commie Western Governments.

When I first came across this development, the first thought that came to my mind is on the issue of taxation, I wanted to ask how the tax deductions will be for workers receiving they salaries in cryptocurrency, in the Emirates.

But seeing your comment that the Emirates doesn't tax salaries, that sounds as a big relief indeed, and it indeed a good move to diversify workers salaries payments method in this manner,

[PX-Z]

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.

Regardless, it is still a good initiative to begin with. It is true that in able for the employees and its employees to start this kind of transaction it needed a mutual decision to begin with. Once some company started doing this (if ever there's no one yet) it will be just time to start that domino effect.

[Orpichukwu]

Hey, I hope other countries are following.

Other countries will follow; it's just a matter of time. If they see that the need for their citizens to make use of crypto currency is increasing, they will be left with few options to accept it.
 
It's not something that anyone here can ask them to join; it's a matter of political decision and the rest of it, but with time, the number of countries that will be accepting crypto as a legal means of payment will increase.

[dezoel]

Crypto payments are already quite easy and if you could make this work for salary that would be even better and I believe that we are going to benefit from this and if you offered crypto payments to people for their salary, there would be 100+ million who would accept that , it's really the best way to make money.

However, we need to start from somewhere and maybe this could be the start, I am sure that El Salvador has this too considering they made it legal tender as well, so if you want you can get crypto salary there too I bet, but Dubai is huge and has billions that go in and out, so I think that would be a lot better deal.

In the end, we should definitely consider this as positive for crypto world. I know it is only bitcoin for now, but if bitcoin works well and everyone prefers it and loves this way, they will consider adding ETH as well because ethereum is second and loved by many too. Just like how we had BTC get an ETF just recently and right afterwards ETH got their own ETF as well very quickly, the first one (which is almost always btc) makes it easier for others to follow later on, and I believe that this salary situation will be the same, many nations will follow eventually.

[atookz]

Dubai is the newest country to adopt crypto as a means of salary payment. As far as I know, Argentina, Switzerland, and New Zealand have previously adopted crypto as a means of salary payment. Maybe in Asia it is the first country to adopt crypto as a means of salary payment, which is in line with Dubai's vision of becoming a global innovation center in blockchain technology. It is not surprising that the country is starting to accept crypto, especially since the country is very focused on the advancement of the digital era. This will indeed have an impact on widespread adoption and not only the business sector but also in the daily lives of the people in the country. Crypto sooner or later will not only be considered a speculative asset but also as a legal tender. Although there are challenges that must be faced such as the very high volatility of crypto prices that can affect the value received, it is important to make a transparent and clear agreement regarding the value at the time of payment.

[tread93]

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/

Man this is so epic, I love to see stuff like this. The only way I know how to achieve this directly with any W2 is to feed your salary direct deposits into the cash app which will automatically convert your money to Bitcoin for you and hence you can be paid in Bitcoin. It’s pretty sweet!

[Kavelj22]

Dubai is the newest country to adopt crypto as a means of salary payment. As far as I know, Argentina, Switzerland, and New Zealand have previously adopted crypto as a means of salary payment. Maybe in Asia it is the first country to adopt crypto as a means of salary payment, which is in line with Dubai's vision of becoming a global innovation center in blockchain technology. It is not surprising that the country is starting to accept crypto, especially since the country is very focused on the advancement of the digital era. This will indeed have an impact on widespread adoption and not only the business sector but also in the daily lives of the people in the country. Crypto sooner or later will not only be considered a speculative asset but also as a legal tender. Although there are challenges that must be faced such as the very high volatility of crypto prices that can affect the value received, it is important to make a transparent and clear agreement regarding the value at the time of payment.

We must not forget that this is not an official decision from the legislative institutions in the Emirates, but rather a ruling in a case based on evidence and facts.
https://finance.yahoo.com/news/dubai-court-ordering-company-pay-105717641.html

The judge did nothing but impose adherence to the terms of the contract concluded between the two parties to the dispute, but in fact he may have acted outside the scope of his authority since one of the terms of the contract between the employer and the employee does not have a legal framework regulating it. Perhaps another judge would have ruled the entire terms of the contract invalid on the grounds that it obliges the employer to pay in an unofficial currency that is not recognized. Let us imagine that the contract obligated the employer to pay in Russian rubles, for example, or in pesos? Given that they are not legal currencies, no law will allow them to be included in contracts and transactions. The same thing if there was any other unreasonable or ambiguous clause, this would assume the invalidity of all chapters of the contract. I do not know what legal juridictions this judge used to derive his ruling, but I cannot imagine that there are valid reasons other than that the contracting parties are required to respect the terms of the contract even if they are illegal or lack laws regulating them. Of course, this is rigid thinking and the issue should be raised for deeper and higher discussions in terms of legal reasoning methods on the one hand and preparing the way for the recognition of Bitcoin on the other hand.

[RockBell]

Regardless, it is still a good initiative to begin with. It is true that in able for the employees and its employees to start this kind of transaction it needed a mutual decision to begin with. Once some company started doing this (if ever there's no one yet) it will be just time to start that domino effect.

The idea is a good one because a lot of countries look up to dubia and them embracing bitcoin will give other government more courage to actually want to invest and also encourage their citizens to also accept bitcoin do you know that at some point, i was have ides that if bitcoin is accepted all over the world it can be used as the world currency just that it as its own disadvantages, but it will be good because any country you are traveling to other countries you don't need to change to their currency the highest you can do is to have you spendable bitcoin in your wallet. and gradually a lot of countries will also want to take the same step with, that is one of the most interesting that every other country is in support of bitcoin, just that i hope when it comes to that the government will not want to take control.

[stadus]

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 is just a recognition and it's not mandatory it will now depend on the employers if they would like to support this kind of action but I guess the people will be against it is the employees because we know how the market is volatile imagine it your payday and debit already to your wallet address and unexpectedly the market crash and makes a 5% price down movement still its a huge amount to others so they would prefer the use of the fiat currency. Again base on the statement its just recognized it depends on the institution if they adopt this.

Well, it's highly likely that employees will prefer fiat more than bitcoin as a salary payment due to volatility, but maybe out of 10 employees, there might be 1 employee who will prefer bitcoin most especially if he knows well about bitcoin. I guess in the long run, if bitcoin will be highly acknowledged in Dubai in the future, then receiving their salary will be based already on their own request or preference.

[Ndabagi01]

Great news for those who reside in The Emirates. They’ve been forward thinking & open to innovation & entrepreneurship for a long time now. They have no taxes on salaries & capital gains also. For some it could be the perfect place to move to, in order to avoid tyrannical, commie Western Governments.

The western government policies have made it very hard for cryptocurrencies like bitcoins to thrive there, I haven’t seen any that has good sense of judgement on bitcoin or cryptocurrency. Good news that they don’t tax on salaries and and capital gains, it makes bitcoin a more attractive options for workers there to use as alternative to receive salaries, it has saved those that want to invest in bitcoin the process of buying. Good move by the government and I’m still hoping that more countries as significant as Dubai follow same path.

Well, it's highly likely that employees will prefer fiat more than bitcoin as a salary payment due to volatility, but maybe out of 10 employees, there might be 1 employee who will prefer bitcoin most especially if he knows well about bitcoin. I guess in the long run, if bitcoin will be highly acknowledged in Dubai in the future, then receiving their salary will be based already on their own request or preference.

It has to be based on that and not compulsory to be used by all workers from Dubai. Without them even understanding the concept behind the technology, it’s not advisable they just accept to switch payment to that method. If their money gets affected by the volatility nature of the market, they will have a forever bad impression about bitcoin and cryptocurrency and won’t share the positive part of it. It should just be an alternative option and not a compulsory option.

[ancafe]

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.

This country is indeed quite brave in making breakthroughs and they have even become a country that is quite popular with world tourists. Approving salary payments using bitcoin is a brave step because they understand the impact that will occur. But in terms of a community like ours, this is a big step that they have taken. It will be interesting to see how in the future this country will try to implement something beyond the limits of people's thinking abilities because honestly not everyone understands bitcoin completely.

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.

It is quite clear that it will have a positive impact on bitcoin especially in the country because people are starting to be open about further adoption and with the approval of salary payments using bitcoin it will make investors more open to developing their businesses in the country. The big effect that will be faced by the crypto industry in particular will get room to grow there even though it remains in compliance with the applicable rules.

At least this is a good start for the country and I am sure neighboring countries will try to consider this. If Dubai dares to make this breakthrough, it is possible that other countries close to them will consider this option.

[fuguebtc]

This is just a recognition and it's not mandatory it will now depend on the employers if they would like to support this kind of action but I guess the people will be against it is the employees because we know how the market is volatile imagine it your payday and debit already to your wallet address and unexpectedly the market crash and makes a 5% price down movement still its a huge amount to others so they would prefer the use of the fiat currency. Again base on the statement its just recognized it depends on the institution if they adopt this.

Well, it's highly likely that employees will prefer fiat more than bitcoin as a salary payment due to volatility, but maybe out of 10 employees, there might be 1 employee who will prefer bitcoin most especially if he knows well about bitcoin. I guess in the long run, if bitcoin will be highly acknowledged in Dubai in the future, then receiving their salary will be based already on their own request or preference.

I think if this applies to part time income sources it would be more effective because sometimes people would save money from part time jobs instead of spending it. Like many members on the forum, there are many people who barely spend the bitcoins they receive from signature campaigns. But for a full-time job it's really not ideal and I don't think many people would enjoy it.

In addition, receiving salary in fiat will also be more convenient and more proactive in spending and investing in bitcoin . For example, for those who don't have much money and only want to DCA when the market is in a strong correction , having a certain amount of fiat in the account is always an advantage .

Yes, it all depends on each person's preferences and needs .

[arwin100]

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 is just a recognition and it's not mandatory it will now depend on the employers if they would like to support this kind of action but I guess the people will be against it is the employees because we know how the market is volatile imagine it your payday and debit already to your wallet address and unexpectedly the market crash and makes a 5% price down movement still its a huge amount to others so they would prefer the use of the fiat currency. Again base on the statement its just recognized it depends on the institution if they adopt this.

Well, it's highly likely that employees will prefer fiat more than bitcoin as a salary payment due to volatility, but maybe out of 10 employees, there might be 1 employee who will prefer bitcoin most especially if he knows well about bitcoin. I guess in the long run, if bitcoin will be highly acknowledged in Dubai in the future, then receiving their salary will be based already on their own request or preference.

Provably fiat would be preferable since there's no people with zero knowledge about bitcoin is willing to accept this asset especially if they know how volatile this coin. Provably they get worried about if there's a huge decrease of their salary if price of bitcoin dump by the time they receive their salary.

But although this one has been implemented hopefully they didn't force their employee to receive bitcoin, but rather they give them an option to choose on what they want to receive either bitcoin or fiat. But for sure it will take time for people to digest this new form of payment implemented to them. Although this is really a good start for them since by doing this initiative it somehow introduce bitcoin to a lot of people in their country.

[shield132]

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/

That's a great step towards success. I am personally amazed by Dubai's approach towards business, their are doing very well and I like their vision. Crypto salaries will attract many crypto businesses and also very talented software developer, engineers and IT specialists who are also Bitcoin enthusiasts and investors.

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.

Crypto salaries will be amazing for people who work in crypto companies. It will be good for businesses to pay in crypto because they already own it and it's also beneficial for those who want to keep their investment in crypto of their choice. Both, business and employee will save % on some fees.
Now I receive a salary in fiat. I buy Bitcoin on Binance with my fiat and I have to pay 2.5% more than the real price. Half Btc / Half Fiat is a great combo.

[pawanjain]

That's a great news for citizens of Dubai as this would enable them to invest in bitcoin directly.
Although Dubai has approved bitcoin for salary payments it might be difficult to find companies which are willing to pay salaries in bitcoin.
Not all companies are interested in paying bitcoins but still it's a good move from the Dubai government.

[Z-tight]

That's a great news for citizens of Dubai as this would enable them to invest in bitcoin directly.
Although Dubai has approved bitcoin for salary payments it might be difficult to find companies which are willing to pay salaries in bitcoin.
Not all companies are interested in paying bitcoins but still it's a good move from the Dubai government.

It is true that many companies may not want to enter into clear agreement with their employees to pay a part or all of their salaries in crypto, maybe due to transaction fees and some other reasons. However, the only good thing about this news is that it is possible for employers and employees to enter into a valid agreement to receive their salary in crypto, so it is a good development. In the coming weeks and months, we would see how popular this is going to be.