According to local media reports, a state-owned company in Dubai has started accepting bitcoin, ether and cables as payment for its services.
Kiklabb is a free trade association that helps companies set up in Dubai, an affluent city and emirate in the United Arab Emirates (UAE). Kiklabb issues trade and other licenses and processes visas.
The company is also renting office space to its customers on board the cruise ship Queen Elizabeth 2 anchored in Port Rashid, Dubai. Payments for these and other services can now be made in Bitcoin (BTC), Gulf News reported on Feb. 16.
Tasawar Ulhaq, CEO of Kiklabb, said the decision was made in response to “growing interest in cryptocurrency from multiple clients in the blockchain and fintech (financial technology) sectors”.
He noted that crypto-based payments provided better accessibility for global entrepreneurs looking to start a business in the UAE. “It was really only a matter of time before we recognized Bitcoin, Ethereum and Tether. Cryptocurrencies are the payment method of the future, ”said Ulhaq.
Kiklabb worked with anonymous “international partners for payment processing of cryptocurrency transactions”. The CEO believes other government departments will follow in his footsteps.
“We are the first state-owned licensing company in the UAE to accept payments in cryptocurrency – and certainly not the last. With technology growing rapidly in the Middle East, I’m excited to see how it will change the way we do business in the near future, ”said Ulhaq.
The UAE plans to use blockchain technology for 50% of government transactions this year. The Dubai Future Foundation estimates the country could save more than $ 3 billion through blockchain and cryptocurrency usage, according to the Gulf News report.
What do you think of Kiklabb’s drive to accept payments in cryptocurrency? Let us know in the comments below.
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