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Bridging The Gap
UAE Businesses Start Embracing Cryptocurrency Payments.
  Monday 22 January, 2018
UAE Businesses Start Embracing Cryptocurrency Payments.

UAE’s Star Business Centre, offering state of the art fully furnished offices for new investors, business people and those international companies seeking suitable ready-made fully furnished plug-and-play workplaces, has announced that it is now accepting cryptocurrencies – especially Bitcoin – as a mode of payment for its services.

The cryptocurrency is a digital currency or virtual payment that uses cryptography (computer coding, algorithm), to operate, secure and make digital payments. The system uses decentralised control as opposed to centralised electronic money and central banking systems, which uses blockchain transaction database. One Bitcoin equals Dh51,276.07 on an average.

Keeping abreast with the digital revolution in the financial technology (FinTech), Dubai has launched its own cryptocurrency in 2017 – emCash – through Dubai Accelerators programme.

Mr. Imran Farooq, Chief Executive Officer of Star Business Centre, and Group CEO of Samana Group, commented: “I am pleased to announce that Star Business Centre is ready to process transactions in cryptocurrency as the new financial technology is changing the way customers make payment. Our customers can now make their payments through cryptocurrency that reduces hassles and allows them to focus on their core activities.

“We have recently been watching the cryptocurrency revolution and how Dubai is leading the way in GCC in embracing futuristic technologies that encouraged us to enhance our business capability and align them with our business offerings. Accepting cryptocurrency from our customers in Bitcoin is the latest facility. The fundamental of our business strategy is to make our clients’ businesses and life much easier –saving time, effort and money, and eventually help them to focus on their business growth and expansion plans.”

Not only Bitcoin, there are 800 digital currencies out in the world. The current cryptocurrency market is valued at Dh1.1 trillion (US$300 billion) in 2017, according to recent reports.

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