A government-owned entity in Dubai has started accepting bitcoin, ether and tether as payment for its services, according to local media reports.
Kiklabb It is a free trade zone that helps companies establish themselves in Dubai, a wealthy city and an emirate in the United Arab Emirates (UAE). Kiklabb issues business and other licenses, as well as processes visas.
The entity also rents office space to its clients aboard the Queen Elizabeth 2 cruise ship docked at Port Rashid in Dubai. Payments for these and other services can now be made in bitcoin (BTC), reported Gulf News on February 16.
Tasawar Ulhaq, CEO of Kiklabb, said the decision was made in response to a "growing interest in cryptocurrencies with various clients in the blockchain and fintech (financial technology) sectors."
He noted that crypto-based payments allowed greater accessibility for global entrepreneurs looking to start a business in the UAE.
“It really was 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 "unidentified international partners for payment processing of cryptocurrency transactions." The CEO believes other government departments will follow in his footsteps.
“We are the first government-owned licensing entity in the UAE to accept cryptocurrency payments, and certainly not the last. With technology rapidly gaining ground in the Middle East, I am eager to see the way we do business change 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 that the country could save more than $ 3 billion through the use of blockchain and cryptocurrencies, according to the Gulf News report.