Cryptocurrency Payment: UAE KIKLABB Starts Accepting Cryptocurrency Payment

  • KIKLABB starts accepting cryptocurrency payment; becomes UAE’s prime government-owned company to enable payments in crypto
  • KIKLABB CEO, Tasawar Ulhaq says cryptocurrencies will become the future payment method worldwide
  • The UAE government also aims to conduct 50 percent of its transactions in cryptocurrency by the end of 2021 
  • According to the research firm, MarketsandMarkets, the global blockchain market size will soar from $3 Billion in 2020 to $39.7 Billion in 2025

On February 16, 2021, KIKLABB declared itself the first government-owned licensing company in UAE to accept cryptocurrency payment.

KIKLABB, the Dubai Government-owned business entity affirmed on Tuesday that it endeavours to accept trade payments and visa fees via Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). The company’s move is intended to encourage institutional investors and entrepreneurs to grow in the United Arab Emirate regions.

Cryptocurrency Payment Are The Future, Says KIKLABB CEO

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The CEO of KIKLABB, Tasawar Ulhaq, stated that the KIKLABB Community is witnessing the world’s growing interest in cryptocurrencies. According to him, numerous customers of KIKLABB were already a part of the blockchain technologies and fintech sector. Therefore, it grew important for the company to implement cryptocurrencies on its platform.

Cryptocurrencies have evolved to become the future payment method globally. Keeping this vision in mind, KIKLABB has partnered with industry leaders to facilitate cryptocurrency payment on its network. Moreover, the company has a strong association with local and international companies based on blockchain technologies. 

The UAE is a leader in adopting blockchain technologies; moreover, the government also aims to conduct 50 percent of its transactions in cryptocurrency by 2021. Besides this, Dubai Future Foundation believes that UAE can save $3 Billion by implementing blockchain technologies.

Crypto Valley of UAE

In January 2021, the Dubai Multi Commodities Centre (DMCC) declared their collaboration with CV VC and CV Labs to launch Crypto Valley, the world’s most extensive crypto ecosystem. At present, over 17,000 companies are registered under the project. However, the figures are expected to boom very soon.

Research from the DMCC’s Future of Trade report highlights that implementation and utilization of blockchain would decrease over 20 percent of the physical paper costs associated with global trade. In the current scenario, the estimated physical paper cost is approximately $1.8 Trillion.

Adoption of Cryptocurrency Payments Globally

The adoption of cryptocurrency and blockchain technologies has significantly increased worldwide. According to MarketsandMarkets, a research firm, the global blockchain market size will climb from $3 Billion in 2020 to $39.7 Billion in 2025. It has become essential for institutions to adopt crypto in today’s era, observing the world’s shifting interest in crypto space. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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