Cryptocurrency payments getting mainstream acceptance in Dubai

Dubai government entity will now be accepting Bitcoin payments
  • Kiklabb licensing entity will not be accepting cryptocurrency payments in exchange for services
  • The plans of crypto payments acceptance came following the growing interest in the crypto market
  • The licensing firm has collaborated with many international entities to integrate such payments options

Cryptocurrency payments are soaring like the prices in the crypto market surged amid the global pandemic. Earlier this week, PrivateFly, a British airline facilitating private flights, revealed that crypto payments had surged from 1-2% a month to 13% last month. However, now cryptocurrencies are becoming a mode of payment at Dubai Government Entities. Few local news outlets in Dubai have lightened out that a government-owned entity in the nation has begun to accept Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) in exchange for its services.

Cryptocurrency payments to be accepted by Kiklabb

Kiklabb, a free trade zone in Dubai, helps its clients set up shop in the wealthy city and emirate in the UAE. The firm processes visas and issues trade licenses and other licenses. On the other hand, the licensing firm also leases office space to its clients on-board Queen Elizabeth 2 cruise liner anchored at the Port Rashid in the country. However, according to the local media reports, it is revealed that now the firm will be accepting cryptocurrency payments in exchange for its services.

The acceptance came following the growing interest

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According to Tasawar Ulhaq, the chief executive officer of Kiklabb, cryptocurrencies is the future of payments. Notably, the CEO has observed the growing interest in crypto assets with several customers in blockchain and financial technology (FinTech) sectors. According to Ulhaq, cryptocurrency payments could allow more accessibility for worldwide entrepreneurs looking for start-ups in the nation. Indeed, it was just a matter of time when the CEO recognized such digital assets.

How will Kiklabb be processing such payment options?

To process cryptocurrency payments options, Kiklabb has collaborated with international partners. However, the other international collaborations will also guarantee the rules adhered to as a government-owned body. Kiklabb is the first government-owned licensed entity in the nation accepting digital assets in exchange for services. Ulhaq believes that other government entities will also follow the footprints of Kiklabb.

It is also known that Dubai is building a framework for the broader acceptance of virtual assets, which could ultimately spur further adoption of official transactions. UAE aims to conduct 50% of government transactions using blockchain technology. Indeed, by applying advanced blockchain technologies and cryptocurrencies, a Dubai-based Future Foundation estimates that the country could save more than $3 billion.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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