Gairika Mitra
In a groundbreaking order that paves the way for employees to be paid in cryptocurrency, a Dubai court has ruled that an employee who was fired by his employer be paid in EcoWatt tokens.
On Thursday, the Dubai Court of First Instance adopted a progressive stance by addressing an employment dispute which involved EcoWatt tokens. EcoWatt (EWT) is a token associated with the EcoWatt project which promotes sustainable energy solutions.
The ruling not only acknowledged cryptocurrency as a mode of payment but also ordered the payment to be made in EcoWatt tokens instead of fiat.
In its ruling, the court overturned its own verdict delivered last year when the employee had filed a lawsuit claiming unpaid wages, unjust termination, and other employee benefits. His job contract included a regular monthly salary in fiat money and 5,250 EcoWatt tokens. The defendant (his employer) refused to pay the EcoWatt tokens for six months and also fired the employee.
The court accepted the inclusion of cryptocurrencies in employment contracts with its latest ruling.
Related: Zama to Launch First-Ever Private Token Auction on Live Blockchain
The UAE has emerged as a global leader in adopting blockchain solutions, having already established a robust regulatory framework with regard to cryptocurrencies.
Dubai, in particular, has established itself as a crypto hub with several events happening in the city all year round. One of the most significant events include Token 2049, a global conference series, which is attended by some of the most prominent figures from the crypto industry.
Other important crypto events in Dubai include Blockchain Life 2024, World Blockchain Summit, Future Blockchain Summit, Crypto Expo Dubai, and Dubai FinTech Summit, among others.
Related: Smart Contracts Are Powering a New Wave of Finance: Here’s How
The UAE continues to maintain its position as a leading player in the global crypto landscape.
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GAIRIKA
Gairika is a cryptocurrency journalist with a focus on Bitcoin and blockchain technology.
