Uber’s CEO Announces Plans to Accept Cryptocurrency Payments

Dara Khosrowshahi said that there are constant discussions concerning cryptocurrency throughout the organisation.

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The transportation behemoth headquartered in San Francisco would “definitely” accept cryptocurrency payments, CEO Dara Khosrowshahi said Bloomberg in an interview.

Among other things — fares, food delivery, and stocks — the CEO said that Uber customers would be able to pay fares in digital assets at some point in the future without specifying a specific date. He noted that the corporation had “constant talks” concerning cryptocurrency.

“I believe that what we are seeing right now with Bitcoin [BTC] and some of the other cryptos is that they are pretty useful as a store of money,” Khosrowshahi said. “The exchange process is prohibitively costly and detrimental to the environment.”

It’s just a question of time

Additionally, Uber’s CEO highlighted issues like as pollution and the high cost of the exchange mechanism. He said that “when the exchange mechanism becomes more affordable and ecologically friendly,” the corporation would “definitely” pursue digital currencies further, adding that they are “certainly monitoring it [crypto].”

According to Khosrowshahi, it is just a matter of time until Uber accepts cryptocurrency, but “now is not the moment.”

The shares of the $68 billion firm fell 6.52 percent in the last 24 hours and was trading at $35.29 at press time. Meanwhile, the CEO said that they have greater long-term aims in light of rising interest rates and “inflation predictions.”

Several large businesses have already begun taking bitcoin payments

PayPal, the digital payments behemoth, was one of the world’s earliest cryptocurrency users. PayPal accepted Bitcoin in September 2014. Microsoft accepted Bitcoin shortly after PayPal in December 2014, despite the fact that cryptocurrencies were mostly unknown at the time.

Overstock was the first large retailer to accept Bitcoin. Nearly nine months before PayPal, the American online store accepted Bitcoin. According to a 2018 CNN storey, Overstock is “essentially a cryptocurrency firm at the moment.”

Not just businesses, but also governments, want to accept the inevitable. In El Salvador, bitcoin is legal cash, and a number of nations, including China, Iran, Russia, and Japan, are developing their own central bank digital currencies, dubbed CBDCs.

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