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UAE Contemplating Paying Salaries in Crypto

UAE may pay salaries in crypto particularly in stablecoins.

Dubai is hosting the Investopia Summit this week, beginning on Monday. 

The Government officials will be discussing several topics related to crypto and the developments in the financial world.

The summit will witness policymakers, investors, and entrepreneurs deliberating on a wide variety of topics.

One of those topics is e payment of salaries in crypto, reported Beincrypto

Officials have observed that salaries are being paid in crypto in other countries. The UAE may also do that in future by paying salaries in crypto particularly in stablecoins. However, a lack of knowledge and volatility remains a concern.

“Investopia Summit will also shed light on the quick developments in the world regarding the cryptocurrency market, which encouraged banks to invest in the next generation of financial technology,” said Abdulla Bin Touq Al Marri, the UAE Minister of Economy. “Investing in space will be among the main topics on the summit’s agenda, in addition to the space tourism, and the future of technologies regarding that.”

Earlier this month, Dubai’s ruler, His Highness Sheikh Mohammad approved a virtual asset law and announced the establishment of the Dubai Virtual Assets Regulatory Authority as the supervisor for the sector. Dubai is positioning itself as the crypto capital of the world. UAE ranks 100 in the Chainalysis Global Crypto Adoption Index and 51 in the Global DeFi Adoption Index.

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