Tectono Business Review: CRYPTO IS NOW BEING USED IN DUBAI IN PAYING SALARY OF WORKERS

Saturday, 17 August 2024

CRYPTO IS NOW BEING USED IN DUBAI IN PAYING SALARY OF WORKERS

Dubai’s Court of First Instance has set a new record by recognizing cryptocurrency as a valid form of salary payment under employment contracts.

This dramatizes a shift from the court’s 2023 stance, where a similar claim was denied due to valuation issues.

In Dubai, instead of an employer opening bank accounts for his workers in the same bank, he simply tells them to submit their wallet addresses of a particular blockchain for salary payment.

For instance, the workers can be told to submit their USDT wallet addresses of ERC20 blockchain for salary payment.

It is a very romantic development in the world of cryptocurrency and blockchain technology.

The ruling is seen as a progressive move towards integrating cryptocurrencies into the UAE’s legal and economic systems.

Imagine the entire workforce and corporate world of Dubai processing their workers' salaries in Crypto.

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Dear highly esteemed readers, we hope you have benefitted a lot from our educative, informative and entertaining publications. Could you please support us in order to maximize the effectiveness and efficiency of our operations? Our Nigerian Naira Account Details: Tectono Ventures Limited GTBank 0136870505. If you want to support us with USDT or other cryptos, call or whatsapp us via: +2348067876251 to get our wallet address.

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Saturday, 17 August 2024

CRYPTO IS NOW BEING USED IN DUBAI IN PAYING SALARY OF WORKERS

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