What a Dubai Court Ordering a Company to Pay Its Employee in Crypto Means

  • 📰 CoinDesk
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Amitoj Singh is a CoinDesk reporter.

A recent court order in Dubai appears to have legitimized salary payment using crypto, but some experts point to unanswered questions.A Dubai court ordered a company to compensate a worker through a cryptocurrency token, as stipulated in the employment contract, a legal precedent that raises several questions even as it lends some legitimization to crypto in the region.

"The ruling merely recognises a specific Virtual Asset as being a legally valid part of a specific employee’s compensation package, indirectly implying that employee compensation packages may include Virtual Assets," said Ankita Dhawan, a senior associate at Métis Institute, a dispute resolution think tank."The ruling does not clarify which Virtual Assets.

The complainant alleged the company stopped paying their salary without reason for five months before terminating the contract. The court ordered the employer to pay 62,867 dirhams and 39,200 of the ecowatt cryptocurrency, as unpaid dues. The token's value on different price-tracking websites varies widely, making it difficult to value the payment in dollar terms.

This could mean that there are chances other sectors start offering salaries with Virtual Assets as a component," said Dhawan.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 291. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Business Business Latest News, Business Business Headlines