In a recent article published Al Roeya Newspaper, CEOs of various UAE entities talked about crypto salaries in UAE as the way forward. Crypto and Blockchain companies are and will be paying salaries either in full or partially in cryptocurrencies. These UAE companies also noted that in the next five years salaries will be paid completely in crypto.
The CEOs of these UAE Crypto and Blockchain companies attributed six factors to the increased growth of salary payments in crypto within the UAE. The first is the speed in which the UAE is moving towards blockchain and crypto, the second is the increased adoption of crypto globally, as well as the regulations protecting users. In addition more and more companies and individuals are investing in stablecoins, and paying using the stablecoins. Finally the growth is attributed the increased number of successful crypto implementations in many countries such as Argentine and others.
Jad Farah, CEO of UAE ImpactXP speaking to Alroeya stated, “We are already paying more than 200 employees globally in cryptocurrencies, because employees are passionate about crypto. We pay them in various cryptocurrencies including Tether and Ethereum.”
Farah added, “Adoption of cryptocurrencies should be on a global level which would mean more individual users, in addition to companies such as Tesla and governments such as El Salvador and Argentina. This will decrease dependence on banks and allow users to transfer money easily anywhere they want within 3 seconds.”
Farah also attributes the growth of crypto adoption to the youth and 21st generation, meaning those less than 18 years of age who want to change the world and are passionate about new tech. They are more encouraged to get paid in crypto. He believes that there should be more legislation to speed up adoption like accepting stablecoins which are not volatile.
Omar Karanib, Managing Director of YBETA in UAE says, “The new virtual asset regulation in Dubai gives a big push to cryptocurrencies and the technologies related to it. We believe that this will lead the way to a digital currency for the UAE a digital Dirham.”
He also believes the youth are very willing to get paid in crypto, but more legislation and regulation is needed to ensure the rights of these crypto holders and companies, specifically utilization of stablecoins.
Khaled Kabbara, marketing manager of DDT Group explains, “ cryptocurrency is quickly picking up and it will become part of every facet of our lives even our salaries in the next couple of years. All employees have to do is give the address of their digital wallet and get his salary. Yet this will need more legislation.
Karen Terjanyan Senior Solidity Developer at FastToken, states, “Salary payment in crypto should be through stablecoins and this is not difficult. We need to continue to develop blockchain technology as this tech still needs a lot of investments to be able to have faster transaction speeds, and lower transaction fees especially Ethereum. By decreasing the fees and increasing investments in Blockchain and the proliferation of crypto globally will lead to new business models for payments and banking making payment of salaries in crypto very easy. Many companies in Europe and North America as well as Latin America are already doing this.