In the years to come, an increasing number of UAE-based businesses will consider offering cryptocurrency Payment as a part of their compensation packages, as a result of the historic decision made by the Dubai court last week.
Industry insiders caution against making large investments with large sums of money from cryptocurrencies for those who receive salary in cryptocurrency. Given the extreme volatility of cryptocurrencies, investing a sizable portion of one’s monthly income in them runs the risk of causing financial difficulties should prices drop.
Around the world, a growing number of technology companies are now paying a portion of their employees’ salaries with cryptocurrencies, and in the future, the UAE will follow suit. Industry insiders predict that businesses outside of the technology sector will begin to accept cryptocurrencies as a standard component of financial packages.
As laws about digital currencies and assets advance, many businesses will consider providing cryptocurrency salaries, according to Munaf Ali, co-founder and managing director of Phoenix Group. Furthermore, according to Ali, his company is “looking into” including cryptocurrency earnings in employee salaries.
We will see much more adoption from all type of companies waiting to pay and people wanting to receive their salaries in cryptocurrencies,” stated Ali, once regulations are in place and approved. The benefits of paying salaries in cryptocurrency include quicker payment processing times and lower transaction costs for those receiving the money.
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