Dubai Court Validates Crypto Salaries
In a recent landmark ruling, the Court of First Instance in Dubai recognized cryptocurrencies as an acceptable means of salary payment. This is a significant departure from its previous 2023 decision, in which an identical case was rejected because the employee was unable to value the digital money.
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An employee in this case filed a lawsuit alleging unfair termination and unpaid compensation. Both 5,000 EcoWatt tokens and monthly compensation in regular currency were guaranteed under the contract. For six months, the employer failed to pay the tokens. Despite the employer’s doubts over the legitimacy of accepting cryptocurrencies as payment, the Dubai Court ruled in support of the worker.
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Rather than transferring the employer’s EcoWatt tokens into AED, the court ordered them to be paid in EcoWatt tokens as originally agreed. The court’s position has changed with this latest decision, which acknowledges cryptocurrencies as a valid and enforceable payment method.