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Uber wants to accept payment in crypto

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Uber wants to accept payment in crypto

In an interview, Uber CEO Khosrowshahi said he has serious plans that Uber users will be allowed to pay fees in digital assets, without revealing an exact date. He added that there are “talks all the time” about cryptocurrencies within the company.

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A matter of time
The CEO of Uber also pointed to challenges such as pollution and price. He said that “if the exchange mechanism becomes less expensive and more environmentally friendly” the company will “definitely” move forward with digital currencies, and that they are “definitely keeping an eye on crypto.”

According to Khosrowshahi, it is only a matter of time for Uber to accept crypto, but now is not the right time, he says.

The stock price of the $68 billion company has fallen 6.52% in the past 24 hours and is trading at $35.29 at press time. The CEO, meanwhile, said they have more long-term goals now that interest rates and “inflation expectations are rising.”

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Some major companies have already started accepting cryptocurrency payments.

The digital payments giant, PayPal, was one of the first crypto users in the world. PayPal got on board with Bitcoin in Sept 2014. Shortly after PayPal, Microsoft adopted Bitcoin in Dec 2014, even when cryptocurrencies were still largely unknown.

The first major brand to accept Bitcoin was Overstock. The US internet retailer adopted Bitcoin for almost nine months before PayPal. According to a 2018 report by CNN, Overstock is “basically a crypto company now.”

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It is not just the companies that want to accept the inevitable, but also the governments. Bitcoin is legal tender in El Salvador and many countries including China, Iran, Russia and Japan are working on their central bank digital currencies known as CBDCs.

The crypto adoption has ground and continues to solidify.

 

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