A new currency for the payment of salaries in the Emirates soon

Managers and officials in companies working in the field of digital currencies and blockchain technology said that paying the salaries of employees of companies operating in the UAE in digital currencies, in whole or in part, is a matter of time, and during the next five years, payment of salaries in digital currencies will become common.

The directors identified 6 factors that accelerate the adoption of the digital currency payment system in the UAE, which are: the UAE’s accelerating trend towards digital currency technology, the adoption of digital currencies globally, the enactment of laws and legislation to protect the rights of companies and individuals, the payment of stablecoin, more investments in Blockchain technology and the reduction of fees, and more successful experiences for many countries such as Argentina and many American companies

financial freedom

Jad Farah, CEO of ImpactXP, said - in statements to “Al-Rouya” - “Today, we pay the salaries of more than 200 of our employees around the world with our digital currency, “Impact XP”, and this is due to the desire and passion of our employees for digital currencies, and we provide They also have the option to pay in other currencies such as Ethereum or Tether.”

He expected that, during the next five years, many companies would start paying the salaries of their employees or part of them through digital currencies, in return this matter may be delayed in other countries, but given the initiatives taken by the UAE during the last period, where it allowed companies working in the field of digital currencies to register In the country and obtaining a legal license, which reflects the UAE’s view of the distant future, in which digital currencies are at the forefront of the scene

Gad stated that the adoption of digital currencies must be at the global level first, which means more users at the level of individuals and companies, such as Tesla and governments such as: El Salvador and Argentina, in addition to easing the control of banks over customers so that the customer can transfer his money from anywhere to anywhere within 3 seconds without fees, or a third party watchdog over your financial freedom


He continued: One of the most prominent things that will accelerate the adoption of paying salaries in digital currencies from companies is the new millennium generation, that is, young people under the age of 18, who want to change the future of the world, have great passion for this new technology, and have greater ability to get their salaries in digital currencies. as payments

He added, “What we also need is the enactment of more government legislation and laws to speed up the matter and its acceptance by companies, stressing that we must rely on stablecoins such as Tether USDT, which is always worth one dollar, in order to avoid fluctuation in the price of the currency, which is similar. What some companies are doing today to pay their employees shares in the company they work for, but it is impractical when applied on a large scale.”

"When we pay the employee today in a stable currency, he will have the choice and freedom to convert it to another currency as an investment or liquidate it into a traditional currency," Gad said.

Government Legislation

For his part, Omar Karnibeh, General Manager of YBETA for payments in digital currencies, said that the legislation recently announced by the Dubai government gives great power to digital currencies and the technology associated with them, and we expect that there will be an Emirati digital currency, a digital dirham AADD, and this is a step that is expected to be implemented soon.

Karneiba said: “Given the passion of young people of young ages, especially in digital currencies, we expect that they will have a great acceptance to receive their salaries in these currencies, but more legislation and laws are needed from the government to preserve the rights of individuals and companies, develop blockchain technology, and rely on currencies. Stable ones as an ideal payment option, which will give full freedom to individuals in their money and direct their investments.”

massive spread

The director of marketing at DDT Group, Khaled Kabbara, said that digital currencies are spreading tremendously and rapidly.

Kabbara expected that digital currencies will enter all aspects of our lives, especially salaries, during the next few years, and it is sufficient only for the employee to provide his company with the address of his digital wallet and receive his salary, but the matter needs more regulatory legislation.