A Dubai company has become the first Government-backed entity to allow cryptocurrency as a payment option for its services.
The company is KIKLABB, a licensing and workspace entity that helps companies get established in Dubai. And KIKLABB customers in Dubai can now pay using cryptocurrency including Bitcoin, Ethereum or Tether.
The KIKLABB chief executive officer, Tasawar Ulhaq thinks others will soon follow.
“It really was just a matter of time before we recognized Bitcoin, Ethereum, and Tether. Cryptocurrencies are the payment method of the future,” Ulhaq said.
His company set up trade licenses and process visas and he argues that it will allow for more entrepreneurs around the world to set up in the UAE.
“We’re the first government-owned licensing entity in the UAE to accept cryptocurrency payments, and certainly not the last. With the technology rapidly gaining traction across the Middle East, I’m eager to see how it changes the way we do business in the near future,” he added.
Virtuozone the first
While KIKLABB has become the first government-backed company to accept cryptocurrency as payment, they weren’t the first in the region.
That honour goes to Virtuozone who since January 28 has been accepting Bitcoin as a form of payment.
The global cryptocurrency market is currently worth around $3billion and is set to rise to $39.7 billion by 2025.
And the UAE is aiming to use blockchain technology for 50% of government transactions this year.
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