UAE firms now accepts cryptocurrency as payment: Umar Farooq Zahoor

 There has tremendous interest in cryptos because people see this as the future payment gateway system, especially those who have held on to them for a longtime and are now looking to cash them, Sheikh Umar Farooq Zahoor, former director of AMERI GROUP.

Many developer, delivery firms says will accept Cryptocurrencies Bitcoin and Ethereum as payment.

For example YallaMarket payment system accepts stable coins USDT (Tether) and USDC.

These are blockchain-based cryptocurrencies whose tokens in circulation are backed by an equivalent amount of US dollars, making them stablecoins with a price pegged to $1.00. So, bananas — one of the most popular items, which costs Dh7 on average, can be purchased for 1.91 USDT.

Besides launching a new payment method for its customers, many startup is also geared up to receive crypto investments from MENA-based partners and is considering paying salaries via digital assets in the future.

According to YouGov, 67 per cent of UAE residents say they are interested in investing in cryptocurrencies within the next five years. At the same time, UAE is one of the top markets globally, where 40 per cent of consumers say they trust cryptocurrencies, YouGov says. Acceptance of certain cryptos has been growing exponentially in the UAE.

Crypto adoption is growing rapidly in the region. As the digital economy grows, using crypto as a medium of exchange is a no-brainer. Like all businesses started using the internet 20 years ago, everyone will start using crypto now; it is inevitable,” said Sheikh Umar Farooq Zahoor, former director of AMERI GROUP .

Whether the crypto market has been up or down, cryptocurrencies continue to break more barriers — not just in popularity, but in mainstream acceptance. But before crypto truly begins to dominate our lives like traditional currencies do now, it’s important that crypto remains as a stable payment option, and one that we can use responsibly.

So far, public officials across the globe are trying to form new rules to manage cryptocurrency markets, but many fear this could end up in overregulation. Before that happens, crypto companies can take proactive steps to better protect their investors, while protecting the spirit of decentralization, at the same time.