Following the historic decision made by the Dubai court last week, an increasing number of UAE-based businesses will be investigating the possibility of including cryptocurrencies in the pay package in the years to come.
Industry insiders caution against speculating and making large investments with cryptocurrency earnings by those who receive salary in that currency. Because cryptocurrencies are regarded as extremely volatile investments, investing a sizable portion of your monthly income in them runs the risk of causing financial difficulties should prices drop.
Presently, a lot of tech companies around the world are paying a portion of their employees’ salaries with cryptocurrencies, and in the future, the UAE will follow suit.
Industry leaders predict that businesses outside of the technology sector will more widely incorporate cryptocurrencies into their financial offerings. According to Phoenix Group managing director and co-founder Munaf Ali, many businesses will consider paying employees in cryptocurrencies as laws pertaining to digital assets and currencies advance.
In the UAE, the use of cryptocurrencies is expanding daily and they can be applied to both online and retail transactions. People are now expressing a desire to use it for real estate transactions. Large developers are actively accepting cryptocurrency payments. Thus, over time, we witness a great deal more of this.
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