UAE accepts crypto as salary: will crypto soon receive a huge new inflow?

[Cryptsafe]

• Will crypto succeed in the UAE like it did in El Salvador?
• Do you expect new capital from the UAE to flow into the crypto market?
• Do you think the UAE could soon become a crypto hub?

1. If you are asking if BTC will become a legal tender in the UAE like it is in El Salvador, then i don't think so, i believe that many countries will adopt BTC in one way or another, but they wouldn't desire to make it a legal tender.
2. BTC inflows wouldn't come in just because because Dubai made it an option of salary payments.
3. A crypto hub is far away for now, but in the future, it is possible.

Your analysis are very much correct when it comes to legal tender, the government I think would accept it as an alternative means of payment based on both parties mutual agreement or understanding but officially adoption as a legal tender would be a bit more pressing for them because I think they would have the fear of Bitcoin surpassing their own national currency which no nation would want to allow such happen and another thing I see here is that Bitcoin is seen as a value for assets if I am not mistaken, so the price appreciate and deprecates every time so they might probably take it as a store of value.

No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.

[bitbit97]

UAE are not the first who start to pay salaries in crypto. Even 3-5 years ago there were projects all around the world who have been paying their salaries in crypto, and it does not trigger anything. If somebody think that due to UAE being rich, it means they flood any business sphere with money, then you are wrong. They still prefer their national currency over everything else as they earn on that (conversion).

[joniboini]

So from what I've read, there is no law that explicitly stated how a business should distribute the worker salary, just that the court will try to make sure their contracts get fulfilled if some troubles come up. I guess the distribution and details will depends on how a worker or business negotiate the contract then. Because of that, I doubt we'll see a worker get paid in Bitcoin or crypto in full, they'd definitely want some fiat to avoid excessive exposure to volatility. I guess it's a good thing, unless a business can exploit a lack of clear regulation to make a terrible contract. If that happens the worker definitely needs to work hard to avoid being scammed out of their contract. CMIIW.

[Z-tight]

No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.

I believe a crypto hub is more than that, it is obviously a crypto friendly region and the government do not reject the idea of BTC, but i don't think it is a crypto hub yet. I don't think it is at the point where bitcoiners can find locations to spend their BTC, or places where tourists can come and spend nearly only BTC in certain areas.

I have never been to the UAE, but this is what i understand from online research, so maybe someone from that region can correct me if i am wrong.

[Bobcrypto]

This is just one of best news that is commendable to the crypto community, and very positive. I know UAE is a global region for commerce and industrial area and will enhance the development of cryptocurrency growth in near future
A UAE court given verdict on payment of salary of worker's with certain percentage with Crypto is splendid and great. I also imagine when institutional investor from the UAE will come onboard crypto investment economy, more money will flow and this will send cryptocurrency to the moon. I am just hoping investing in crypto commence in UAE soon.

[yhiaali3]

The news was exaggerated in the media and shown on some websites and social media sites as if it was the UAE's adoption of Bitcoin and cryptocurrencies, but in reality it is not so, it is just a court decision to allow an employee to receive his salary in cryptocurrencies, and it does not mean at all that the UAE is moving towards adoption like El Salvador.

As for the second question, yes, I expect that there will be a new flow of capital from the UAE to the cryptocurrency market, not because of this news, but in general, the UAE is very open to cryptocurrencies and large investments are directed towards it as it is an open incubator environment for cryptocurrencies.

As for the last question, yes, I believe that the UAE may soon become a center for cryptocurrencies due to its open policy towards cryptocurrencies, and this encourages many crypto companies to move their offices there, which is what actually happened, as many companies moved their offices to Dubai.

[Rubel007]

We have long seen support for Bitcoin from the UAE government. The extent to which Bitcoin's adoption has grown can only be confirmed by those who live there. But as far as I've heard someone can buy an entire apartment with Bitcoin if they want. Anyone willing to use Bitcoin is always welcome. But what I do understand is that full Bitcoin adoption must need long time. We will not be able to see any major changes in a very short period of time. However, the UAE is one of the few countries that have expressed their positive views on accepting Bitcoin directly.

[Kemarit]

This is just one of best news that is commendable to the crypto community, and very positive. I know UAE is a global region for commerce and industrial area and will enhance the development of cryptocurrency growth in near future

How will you know that UAE will enhance the development of crypto in that region with this one move? We still have to wait and see, this is just minimal to be even known throughout the country and for sure, employers who are not into crypto prefer to be paid in their local fiat.

A UAE court given verdict on payment of salary of worker's with certain percentage with Crypto is splendid and great. I also imagine when institutional investor from the UAE will come onboard crypto investment economy, more money will flow and this will send cryptocurrency to the moon. I am just hoping investing in crypto commence in UAE soon.

We shouldn't jump on the bandwagon, is all what I'm saying. As someone said, not the first time to hear this stories, we even have mayors in the USA who also chooses to be paid in Bitcoin and yet, nothing happens.

Mayor Adams to Receive First Paycheck in Cryptocurrency

[gunhell16]

• Will crypto succeed in the UAE like it did in El Salvador?
• Do you expect new capital from the UAE to flow into the crypto market?
• Do you think the UAE could soon become a crypto hub?

1. If you are asking if BTC will become a legal tender in the UAE like it is in El Salvador, then i don't think so, i believe that many countries will adopt BTC in one way or another, but they wouldn't desire to make it a legal tender.
2. BTC inflows wouldn't come in just because because Dubai made it an option of salary payments.
3. A crypto hub is far away for now, but in the future, it is possible.

Your analysis are very much correct when it comes to legal tender, the government I think would accept it as an alternative means of payment based on both parties mutual agreement or understanding but officially adoption as a legal tender would be a bit more pressing for them because I think they would have the fear of Bitcoin surpassing their own national currency which no nation would want to allow such happen and another thing I see here is that Bitcoin is seen as a value for assets if I am not mistaken, so the price appreciate and deprecates every time so they might probably take it as a store of value.

No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.

The question is that not all companies will immediately do the things that their government wants to happen; unless they give an executive mandatory order from their government, their companies will not be able to do anything there.

And probably even the other employees who don't know anything or aren't aware of crypto or bitcoin won't agree with such a system either, although for crypto enthusiasts like us, that's in favor.

[joniboini]

The question is that not all companies will immediately do the things that their government wants to happen; unless they give an executive mandatory order from their government, their companies will not be able to do anything there.

Yeah, I don't think the case can serve as an example of government forcing business to pay with something. As mentioned above, the case being discussed has very limited application, it doesn't involve any change in regulation and so on other than the fact that the court will now force a business to pay their worker with crypto if that's contained on their contract. At the very least this can serve as an example that the court won't screw you over when a business don't want to pay your salary in crypto for some reasons. Whether you want to do that or not is another matter. CMIIW.

[luckyledger]

UAE are not the first who start to pay salaries in crypto. Even 3-5 years ago there were projects all around the world who have been paying their salaries in crypto, and it does not trigger anything. If somebody think that due to UAE being rich, it means they flood any business sphere with money, then you are wrong. They still prefer their national currency over everything else as they earn on that (conversion).

Yeah, it's a long way to mass-adoption so to speak, but it's still interesting how things develop in that field in some countries

[Cryptsafe]

No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.

I believe a crypto hub is more than that, it is obviously a crypto friendly region and the government do not reject the idea of BTC, but i don't think it is a crypto hub yet. I don't think it is at the point where bitcoiners can find locations to spend their BTC, or places where tourists can come and spend nearly only BTC in certain areas.

I have never been to the UAE, but this is what i understand from online research, so maybe someone from that region can correct me if i am wrong.

Although we never can tell but so far, the UAE have been a centre of attraction for Crypto activities. Although the government do not frown at it but they are open to welcome Crypto activities and of lately, we've been hearing  about them accepting Bitcoin and even going as far as wanting to build a place were miners can do their Crypto mining which I think at this point, they are up for the adoption. Maybe they just might be the modern crypto city we've longed for.

[bayu7adi]

I would like to know your opinion on this issue:

• Do you think the UAE could soon become a crypto hub?

It's hard to be sure, but UAE has a huge potential if it really intends to become a global crypto hub... looking at one of the countries that adopted Bitcoin as a means of payment in their country, El Salvador, I see UAE has several other advantages... Dubai is a representation of wealth and luxurious lifestyle... of course this will be an attraction in itself when crypto becomes something legal and common in Dubai.... this is like the second big door after El Salvador that has opened, and of course this triggers other countries to think that adjusting to cryptocurrency is necessary, thus motivating other countries to consider adopting cryptocurrency as soon as possible.

[luckyledger]

No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.

I believe a crypto hub is more than that, it is obviously a crypto friendly region and the government do not reject the idea of BTC, but i don't think it is a crypto hub yet. I don't think it is at the point where bitcoiners can find locations to spend their BTC, or places where tourists can come and spend nearly only BTC in certain areas.

I have never been to the UAE, but this is what i understand from online research, so maybe someone from that region can correct me if i am wrong.

Although we never can tell but so far, the UAE have been a centre of attraction for Crypto activities. Although the government do not frown at it but they are open to welcome Crypto activities and of lately, we've been hearing  about them accepting Bitcoin and even going as far as wanting to build a place were miners can do their Crypto mining which I think at this point, they are up for the adoption. Maybe they just might be the modern crypto city we've longed for.

Sounds great, and the regulations being set are beneficial for everybody involved in the long run, in my opinion No cases of non-legalized activities and some slice for those in charge.

[Cryptsafe]

I would like to know your opinion on this issue:

• Do you think the UAE could soon become a crypto hub?

It's hard to be sure, but UAE has a huge potential if it really intends to become a global crypto hub... looking at one of the countries that adopted Bitcoin as a means of payment in their country, El Salvador, I see UAE has several other advantages... Dubai is a representation of wealth and luxurious lifestyle... of course this will be an attraction in itself when crypto becomes something legal and common in Dubai.... this is like the second big door after El Salvador that has opened, and of course this triggers other countries to think that adjusting to cryptocurrency is necessary, thus motivating other countries to consider adopting cryptocurrency as soon as possible.

You nailed it. UAE I think has a huge potential if becoming a Crypto hub Is a goal for them. The UAE is a major tourist attractions and come to talk of it, they are a wealthy nation just as you have said so dealing on Crypto would not be a problem as we already see how their government is working hand in hand with Crypto enthusiast and organisations to making sure they get a place in the Crypto industry. I believe they already foresee the future and are preparing or bracing up to making sure they take their position.
The UAE would really trigger the adoption of Crypto in Asia if they fully incorporate crypto currency into their laws. Many nations are just waiting for other big and wealthy nations they have affiliation with to just make a bold step for them to follow. Once that happens, the Crypto adoption would spike up a new phase of financial freedom for those smaller nations.