A United Arab Emirates court has recognized cryptocurrencies as a mode of salary payment in a landmark ruling affecting employment contracts.
According to a report by Lexology, the ruling by the Dubai Court of First Instance starkly contrasts a decision taken in a similar case and highlights the growing adoption of cryptocurrencies in the UAE.
Crypto as Salary Payment
The plaintiff sued its former employer for wrongful termination and unpaid wages, seeking compensation and other employment benefits. The employment contract set forth a monthly salary in the United Arab Emirates Dirham (AED) and 5,250 EcoWatt tokens (EWT). EcoWatt is a crypto project that blends renewable energy and blockchain technology to impact the global climate crisis.
The lawsuit focused on the wrongful termination of the plaintiff’s employment and the defendant’s failure to pay the EWT tokens for six months.
During the case hearing, the court recognized the validity of the crypto payment, ruled in favor of the
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