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    Author Topic: Dubai approves bitcoin for salary payment  (Read 988 times)
    Yatsan
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    August 23, 2024, 06:55:15 AM
     #41

    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.

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    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.
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