Cryptocurrency initiatives are popping up all over the world. Every day, we discover countries that are opening up to Bitcoin and crypto! Today we bring you to the United Arab Emirates side …
KIKLABB Company Now Accepts Bitcoin Payments
KIKLABB is a public company of the United Arab Emirates. The main activity of KIKLABB is D'help and support the establishment of a business in the United Arab Emirates. However, KIKLABB has just announced that it now accepts payments in Bitcoin, Ethereum and Tether. Cryptocurrency can therefore be used to pay license and visa fees, for example. By allowing this flexibility, KIKLABB becomes the first national company to allow cryptocurrency as a means of payment.
“We saw a growing interest in cryptocurrency from several clients in the blockchain and fintech industries that are part of the KIKLABB community, so it was really only a matter of time before we recognized Bitcoin, Ethereum, and Tether. "
Tasaw Ulhaq, CEO of KIKLABB
The move initiated by KIKLABB shows the firm's confidence in cryptos. Beyond the company, it is the government of the United Arab Emirates that has a clear desire to turn to finance 2.0. In fact, Tasaw Ulhaq, CEO of KIKLABB, did not fail to recall that for him "cryptocurrencies are the means of payment of the future".
United Arab Emirates bets on cryptocurrency
While the UAE isn't often talked about on the crypto front, that doesn't mean it is lagging behind on the subject. The country relies heavily on blockchain technology. A national strategy has also been developed to increasingly integrate blockchain services. The goal displayed is of perform 50% of government transactionsales through blockchain technology by 2021. In doing so, the government estimates it has the potential to save around $ 3 billion.
On the sidelines of the Davos Economic Forum, DMCC (Dubai Multi Commodities Center) has also signed a partnership with CV VC and CV Labs. These partnerships aim to launch the Crypto Valley. Crypto Valley presents itself as a hub that aims to boost the blockchain economy in the country. Thus, Crypto Valley will play the role of a start-up incubator.
In addition, Crypto Valley will provide premises for businesses and organize events. Finally, Crypto Valley will also be in place for organize training, sponsorship or funding. This ecosystem is expected to take root in Jumeirah Lakes Tower where more than 17,000 businesses are registered.
The massive use of blockchain could initially allow reduce paper costs by 20%. According to figures from DMCC, the savings are estimated at around $ 1.8 trillion!