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UAE Biggest Discount Store To Start Accepting Bitcoin Payments.
Popular discount store Day to Day became the first store to start accepting payments in cryptocurrency in the United Arab Emirates (UAE). The move will see its customers have a chance to pay either in fiat or in cryptocurrency.
Khaleej Times reports called the development a “next step into the future cryptocurrency.” As revealed, the Bitcoin payment option will be available in both physical and online stores. It further stated that other crypto would also be accepted for payment.
Crypto finds footing in retail
Despite the massive downturn in the crypto market, which led to the loss of billions in investment and investor confidence, crypto continues to enjoy relative adoption in various sectors.
According to the report, retailers in the US are already adopting cryptocurrency as a payment method in the US, with more than 60 percent doing so already. Likewise, a Deloitte survey revealed that 75% of retailers in the US are making plans to start accepting crypto payments in the US.
Considering the nature of cryptocurrency transactions, adopting it as a payment option could result in faster transactions and reduced chargebacks. Further, it could help the stores entice a growing population of users who would rather have their money in crypto rather than fiat.
UAE going big on crypto
The Terra implosion, which saw more than $17 billion wiped off the crypto market, has raised regulatory attention on cryptocurrency institutions across the world. This is particularly so in popular crypto destinations like Singapore and South Korea, where regulators keep toe-to-toe with crypto institutions.
Where countries are restricting crypto activities, Dubai is acting on it to lure crypto companies to its borders. Since the start of the year, several crypto companies such as Bybit, FTX, and Binance have opened shops in the country.
This is also aided by the virtual assets license, which the country recently released in hopes of becoming a crypto haven for international institutions.