A state-owned company in Dubai has started accepting Bitcoin, Ether and Tether as payment for its services, local media reported.
Kiklabb is a free zone that helps businesses establish themselves in Dubai, a thriving city and emirate in the United Arab Emirates (UAE). Kiklabb issues commercial and other licenses and provides visas.
The company also leases office space to its clients on board the cruise ship Queen Elizabeth 2, which is anchored in Port Rashid, Dubai. Payments for these and other services can now be made in bitcoins (BTC), Gulf News reported on the 16th. February.
Tasawar Ulhak, CEO of Kiklabb, said the move was in response to growing interest in cryptocurrencies among several blockchain and fintech (financial technology) clients.
He noted that payments in cryptocurrencies allow greater accessibility for global entrepreneurs looking to start a business in the UAE. It was only a matter of time before we would recognize Bitcoin, Ethereum and Tether. Cryptocurrency is the way to pay for the future, Ulhak said.
Kiklabb worked with anonymous international crypto-currency payment processing partners. The Director-General believes that other departments will follow suit.
We are the first government agency in the UAE to accept payments with cryptocurrencies – and certainly not the last. With technology rapidly gaining ground in the Middle East, I look forward to seeing how it will change the way we do business in the near future, Ulhaq said.
The United Arab Emirates plans to use blockchain technology for 50% of government transactions this year. The Dubai Future Foundation estimates that the country could save more than $3 billion by using blockchain and cryptocurrencies, according to a report by Gulf News.
What do you think of Kiklabb’s decision to accept payments in cryptocurrencies? Let us know your comments in the section below.
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frequently asked questions
Which companies accept bitcoin payments?
Can the government take away your bitcoin?
Under federal law, the government can seize and forfeit any property, real or personal, involved in a transaction or attempted transaction that violates certain established federal laws – and then sell it as a last resort, with the proceeds of the sale going to the Treasury.
Does Dubai accept bitcoins?
Bitcoin is not considered legal tender in Dubai, which means it is not legal tender like the dirham. Nevertheless, the country is actively working on introducing blockchain technology as a central part of the economic system.
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