Dubai approves bitcoin for salary payment

[Krishna1942]

That is really good news for bitcoin users and hope many countries will follow dubai in future. But I don't know how dubai people will react to this because some people don't know about bitcoin.

[Sipurba]

if this works very well in a few years in the future, I believe a lot of countries will use Dubai as one of prime examples in fully adopting cryptocurrency into their governments. More than that, we might use Dubai as a further study in the regulation sector of how they implementing cryptocurrency in various economy aspects.

Or should Dubai step further by making a some kind of cooperation league between countries in utilizing and cryptocurency? (since Dubai is part of UAE and I believe is a city, probably it will best to use Dubai as a model city for other cities within UAE)

In this case, we are far from the actual adoption of Bitcoin even if all employees choose to accept Bitcoin as salaries. As I explained before, those who will choose to accept their salaries in Bitcoin will be of two types: either employees who want to allocate part or all of their salaries in the form of a risky investment and they most likely have enough deposits that enable them to secure daily living expenses in a way that allows the salary to be used for investment savings, and I can almost guarantee that most of them will be senior employees who enjoy high salaries, or those expatriate workers who may choose this type of payment in order to make a quick and cheap transfer to their home country. In any case, there is no room for direct use of Bitcoin, and therefore this initiative remains a fundamental question about what its feasibility could be, and if a court in Dubai can issue these decisions, can it, by the same logic, allow economic sectors, partially or completely, to accept Bitcoin payments.

I wasn't really paying attention on what you explained previously before you replied me, but now after I read it thorough fully, I understood your concern, especially the part when you mentioned about the salary, therefore it does make sense and I kinda agree with you. Although I may not able to answer your doubt for now, but for people who have invested their money and saving in Bitcoin, the thought of full adoption of Bitcoin would give a positive impact for them since it will affected the Bitcoin price drastically in a good way, it might sound selfish in some sense, but there if there is a way that would give more benefits to me, I'm onto it, and me for the adoption of BTC within a country would be very beneficial for me.

In addition, Bitcoin could be used as a payment options for people who want to invest their money, for people who don't, they could just choose FIAT instead, though it might not sound efficient, it could still help people to have better life saving or pension saving.

[Mpamaegbu]

It was first rejected in 2023 and now approved by the First court of instance.

This is the same scenario I envisage in my country in the nearest future and that's why I ain't perturbed with whatever negative decisions regarding cryptos the present political administration is taking. Of a truth, one day it will be a 360 degrees reversal on all crypto activities and Nigerians will go back to their normal trading and exchange activities of cryptos.

We can't down play the value crypto has brought to the global economy if truth be told. It's just sad that governments of the world know it but are acting pretentiously. They go against cryptos as an entity of government but are quick to embrace it as individuals in their closets. Some of them have crypto investment.

[Cookdata]

In addition, Bitcoin could be used as a payment options for people who want to invest their money, for people who don't, they could just choose FIAT instead, though it might not sound efficient, it could still help people to have better life saving or pension saving.

The issue with this approval is complicated but I think this move is pushed by people With Bitcoin movement which is great. Dubai is a great land for crypto enthusiasts, no regulations and you are free to invest under the law of the country but assuming they have allowed it as legal tender, it will pave way for many things in the country. This approval will only favour those who wish to buy Bitcoin with salary and the company will give the approval.

How many people are going to accept this? This is going to be few because right now Bitcoin price looks expensive and which means people will buy more when the market goes down, not now that it's looking like a bomb that want to explode if Donald Trump perhaps didn't win the election later. So I'm expecting a surge when there is a bear market .

[Tmoonz]

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.

The  payments in Bitcoin really have to optional and not mandatory because if it  becomes mandatory definitely there are going to be certain negative feedback and sentiment from people hence payments should be made optional as to many that have seen the true potentials bitcoin holds and interested in it through personal conviction because definitely some people might not be interested and of course they shouldn't be forced to do so, but however and undoubtedly Bitcoin has really gained more wider spread adoption which a lot of people might regret for not getting involved with Bitcoin when theybfirwt had the opportunity to do so.

[dunfida]

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/

Any news in regarding or in connection with adoption then it would really be always considered POSITIVE, on which this would really be adding up the overall awareness about Bitcoins existence.
We are really that seeing that this current trend something inevitable for it not to be known. Now that there's an option for payment in form of Bitcoin then it would really be that an advantage
into those citizens who are really that dealing up with Bitcoin or crypto. We do know that DUBAI is really that a rich country and having this kind of acceptance is something that really good.
Lets hope that there would really be other countries who would really be doing such the same initiative or decisions in regarding on considering it.

[Ale88]

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.

First of all, Dubai is a city located in the United Arab Emirates, not a country Besides that, from what I recall the Emirates, Dubai in particular, have always been pretty open about cryptocurrencies in general so I'm not surprised they approved this law. Of course it's also good for the whole crypto world, having a city like Dubai recognizing cryptos as payment is a big move, probably others will follow.

[OcTradism]

First of all, Dubai is a city located in the United Arab Emirates, not a country Besides that, from what I recall the Emirates, Dubai in particular, have always been pretty open about cryptocurrencies in general so I'm not surprised they approved this law. Of course it's also good for the whole crypto world, having a city like Dubai recognizing cryptos as payment is a big move, probably others will follow.

Dubai opened for Bitcoin and allowed trades of luxury things like real estates via Bitcoin many years ago. It's 7 years ago, in 2017.

Luxury Dubai High Rise Apartments Will Be Sold for Bitcoin. 7 years later, if Dubai's local government opens bigger space for Bitcoin and its ecosystem there, it's very logical.

Middle East is a region with high friendly policy for Bitcoin and cryptocurrencies. We can see many conferences hosted in Middle East every year related to Bitcoin and cryptocurrencies. The founder of Telegram, Pavel Durov, lives there before his flight to France and was arrested days ago.

[Baki202]

The  payments in Bitcoin really have to optional and not mandatory because if it  becomes mandatory definitely there are going to be certain negative feedback and sentiment from people hence payments should be made optional as to many that have seen the true potentials bitcoin holds and interested in it through personal conviction because definitely some people might not be interested and of course they shouldn't be forced to do so, but however and undoubtedly Bitcoin has really gained more wider spread adoption which a lot of people might regret for not getting involved with Bitcoin when theybfirwt had the opportunity to do so.

I don't think any government will even make it mandatory, they will just make it an option for those who want to pay using Bitcoin it is going to be fun and less stressful because when it is time to pay using Bitcoin you can even scan then send that makes it very easy, because even the word is advancing, it is just as if bitcoin has been in the future for a very long time and their countries that they made bitcoin a means of payment and I don't see them with any complain and since Dubai is considering to make it as another method of payment makes it more fun because it going to affect the price of bitcoin for sure. Dubai people are business people so they definitely have a reason for doing this, and other countries will pick an interest and might even want to give Bitcoin a shot because a lot of countries have been having issues with legalizing bitcoin and just a single decision can change a lot things so every decision is an opportunity  to open more doors and that is what we want positive news always.

[avp2306]

The  payments in Bitcoin really have to optional and not mandatory because if it  becomes mandatory definitely there are going to be certain negative feedback and sentiment from people hence payments should be made optional as to many that have seen the true potentials bitcoin holds and interested in it through personal conviction because definitely some people might not be interested and of course they shouldn't be forced to do so, but however and undoubtedly Bitcoin has really gained more wider spread adoption which a lot of people might regret for not getting involved with Bitcoin when theybfirwt had the opportunity to do so.

I don't think any government will even make it mandatory, they will just make it an option for those who want to pay using Bitcoin it is going to be fun and less stressful because when it is time to pay using Bitcoin you can even scan then send that makes it very easy, because even the word is advancing, it is just as if bitcoin has been in the future for a very long time and their countries that they made bitcoin a means of payment and I don't see them with any complain and since Dubai is considering to make it as another method of payment makes it more fun because it going to affect the price of bitcoin for sure. Dubai people are business people so they definitely have a reason for doing this, and other countries will pick an interest and might even want to give Bitcoin a shot because a lot of countries have been having issues with legalizing bitcoin and just a single decision can change a lot things so every decision is an opportunity  to open more doors and that is what we want positive news always.

Here you can read all those things in this article https://www.morganlewis.com/blogs/sourcingatmorganlewis/2024/08/paying-salaries-in-cryptocurrency-in-the-uae-a-new-possibility

It shows what workers to receive still fiat and its optional or some part maybe paid thru cryptocurrency if they allow this to happen. But for sure big institutions or companies won't provably deal with this set up since for sure what's more convenient for them is to pay using fiat.

Although many got amaze in this news but I don't think workers should receive a volatile currency since majority of them cannot afford to lose a value if the price of bitcoin collapsed. Maybe if they implement this one to be used to buy physical goods then it will be more better adaption in their country.

[PX-Z]

...Although many got amaze in this news but I don't think workers should receive a volatile currency since majority of them cannot afford to lose a value if the price of bitcoin collapsed.

Well, the thought is it doesn't differ people who participate signature campaigns. The difference is you could only hold it as investment once received or exchange to fiat on Dubai, and who would think bitcoin price will collapse, its possible but it will not happen overnight unlike any other altcoins.

...Maybe if they implement this one to be used to buy physical goods then it will be more better adaption in their country.

Well, they recently banned crypto payments on UAE so it's not possible unless  they amend that ruling.

[taufik123]

Well, the thought is it doesn't differ people who participate signature campaigns. The difference is you could only hold it as investment once received or exchange to fiat on Dubai, and who would think bitcoin price will collapse, its possible but it will not happen overnight unlike any other altcoins.

Bitcoin is indeed the safest even though price fluctuations will always occur, but Bitcoin will still return to its highest price faster than other coins.
An overnight crash may also happen, but that's only because of some FUD that may be quite strong or about interest rates being raised and some of the rules that are being managed by the SEC.

...Maybe if they implement this one to be used to buy physical goods then it will be more better adaption in their country.

Well, they recently banned crypto payments on UAE so it's not possible unless  they amend that ruling.

Based on the facts I found and in the latest article, the UAE has given the green light for salary payments using bitcoin as legal payment, so that the rules that previously prohibited it have changed to allowed.

https://cointelegraph.com/news/dubai-court-crypto-salary-valid-payment-law-decoded

[BitcoinGirl.Club]

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.

Time to move to Dubai 😉

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.

The forum signature campaigns are weekly salary for some people and I do not think the volatility effects that much for them. When you have a goal to DCA then it's different but receiving salary means you are going to spend it anyway. The BTC can easily sold to their local currency. On the other hand, people can use bitcoin in their daily life shopping too.

That is really good news for bitcoin users and hope many countries will follow dubai in future. But I don't know how dubai people will react to this because some people don't know about bitcoin.

I think almost everyone in the world knows about bitcoin now. The question is how many are using it, how many of these people have their own wallet and made a transaction.

[SamReomo]

Well, the thought is it doesn't differ people who participate signature campaigns. The difference is you could only hold it as investment once received or exchange to fiat on Dubai, and who would think bitcoin price will collapse, its possible but it will not happen overnight unlike any other altcoins.

If Dubai starts paying its citizens in Bitcoin then Bitcoin won't lose value but gain more value overtime. The reason for that is the interest of the investors. The whale investors or investing companies know the potential of a country like Dubai and when Dubai starts paying in Bitcoin then for that they'll have to reserve huge amount of Bitcoin.

The Dubai Government will keep accumulating more Bitcoin so it can pay the citizens with Bitcoin, however if instead of Bitcoin they choose some kind of stable coin like USDT then that's not going to help Bitcoin at all, but I'm pretty sure Dubai is going to be a hub for cryptocurrencies and they won't avoid Bitcoin and they may also consider paying with some good altcoins as well.

[CoinFoxs]

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/

Dubai is a country where people of all nationalities come for tourism and business purposes this news will have positive effects on crypto community. By this acceptance other gulf countries will also start accepting it as payment method in their countries. But this will take time and it will add a great value to bitcoin’s price as most of the gulf countries trading in oil.

[icalical]

Dubai finally approving crypto for salary payments is a big step, but it’s kind of overdue. The city has been a hub for blockchain startups and events for a while now, so you’d think this would’ve happened sooner. Still, it’s great to see Dubai catching up and officially embracing crypto in a way that could make a real impact. This move could really boost confidence in using digital currencies for more everyday things, like getting paid.

[Rustam Meraj]

If Dubai starts paying its citizens in Bitcoin then Bitcoin won't lose value but gain more value overtime. The reason for that is the interest of the investors. The whale investors or investing companies know the potential of a country like Dubai and when Dubai starts paying in Bitcoin then for that they'll have to reserve huge amount of Bitcoin.

The Dubai Government will keep accumulating more Bitcoin so it can pay the citizens with Bitcoin, however if instead of Bitcoin they choose some kind of stable coin like USDT then that's not going to help Bitcoin at all, but I'm pretty sure Dubai is going to be a hub for cryptocurrencies and they won't avoid Bitcoin and they may also consider paying with some good altcoins as well.

I agree that if Dubai starts paying its citizens in Bitcoin it could lead to significant increase in value. Move would attract major investors and companies who would need to hold large amounts of Bitcoin to facilitate transactions. As Dubai government accumulates more Bitcoin for payments demand would rise driving up value. By the way if they opt for stablecoin like USDT instead it would not benefit Bitcoin. I also believe Dubai will embrace cryptocurrencies including Bitcoin and select altcoins and become hub for digital assets. This move could cement Bitcoin status as more valuable currency and pave way for wider adoption.

[shinratensei_]

Dubai finally approving crypto for salary payments is a big step, but it’s kind of overdue. The city has been a hub for blockchain startups and events for a while now, so you’d think this would’ve happened sooner. Still, it’s great to see Dubai catching up and officially embracing crypto in a way that could make a real impact. This move could really boost confidence in using digital currencies for more everyday things, like getting paid.

Pretty sure there are many digital nomads in dubai that already accepting crypto as a payment, though not limited to bitcoin but including stablecoin but agreed the gesture of dubai finally approves bitcoin for salary payment is really a good thing to hear.
I mean dubai has always been embracing technology these days so it's not really a surprise for me but other countries who care about technology should also follow dubai in adopting bitcoin and so on.

Although many got amaze in this news but I don't think workers should receive a volatile currency since majority of them cannot afford to lose a value if the price of bitcoin collapsed. Maybe if they implement this one to be used to buy physical goods then it will be more better adaption in their country.

it just needs to be optional and problem solved, worker could opt out from receiving salary in bitcoin and they can also opt in, I think the solution is as simple as that.

[Rabata]

This move could really boost confidence in using digital currencies for more everyday things, like getting paid.

The new policy of Dubai government will surely bring big changes in the long run. If one or two companies pay their employees in a token in this way, gradually crypto payments will be established. But even if it is only now supported by the courts, it will take some time to see how it will affect the people there. However, the Dubai authorities have taken a far-reaching decision. Those who are tourist will also welcome this initiative. Especially if workers were paid in Bitcoin rather than other tokens it would seem more positive aspects. However, due to the volatility, there will be different opinion from different people. But all in all, I think such a decision by the Dubai government will create a positive impact on their economy as well as crypto currency world.

[Ale88]

This move could really boost confidence in using digital currencies for more everyday things, like getting paid.

The new policy of Dubai government will surely bring big changes in the long run. If one or two companies pay their employees in a token in this way, gradually crypto payments will be established. But even if it is only now supported by the courts, it will take some time to see how it will affect the people there. However, the Dubai authorities have taken a far-reaching decision. Those who are tourist will also welcome this initiative. Especially if workers were paid in Bitcoin rather than other tokens it would seem more positive aspects. However, due to the volatility, there will be different opinion from different people. But all in all, I think such a decision by the Dubai government will create a positive impact on their economy as well as crypto currency world.

I think this idea will require some time before it will actually spread, and you have already mentioned the main reason: volatility. I'm not even considering altcoins but let's take a look at bitcoin alone, sometimes it loses even 5-10% in a day, in that way is difficult to plan your life and expenses. They best way would be getting maybe something like 15-20% in bitcoin and the remaining part still in fiat until the moment bitcoin will be more stable.