Uber Plans to Accept Crypto Payments, Says CEO


Recently the CEO of UBER said that Uber customers will be allowed to pay their charges with digital assets without disclosing anything about the exact date, among various things like fares, food delivery, stocks, and more. He also said that there were “conversations all the time” about cryptocurrencies in the company.

“What we see in Bitcoin [BTC] and some other cryptocurrencies, I now think they are very valuable in terms of value addition,” Khosrowshahi said. “The exchange system is expensive and not good for the environment.”

In addition, Uber’s CEO pointed out challenges such as pollution and the cost of the exchange mechanism. He said that as the exchange mechanism becomes less costly and more environmentally friendly, the company will go “perfectly” with digital currencies and they will look at it.

According to Khosrowshahi, there is only some time left before Uber starts accepting crypto, but “this is not the right point.”

Shares of $68 billion fell 6.52% in the last 24 hours, trading at $35.29 during press time. At the same time, the CEO said they have high long-term targets due to interest rates and “rising inflation expectations”.

Some leading companies have already started accepting cryptocurrency payments.

Digital Payment Giant, PayPal, is one of the world’s first crypto users. PayPal onboarded Bitcoin back in September 2014. While Microsoft adopted Bitcoin back in December 2014, shortly after PayPal, even when cryptocurrencies were not much known.

Overstock was the first major brand to adopt Bitcoin. The American Internet retailer reportedly adopted Bitcoin nine months before PayPal’s Bitcoin adoption. According to CNN’s 2018 report, Overstock is now “basically a crypto company.”

Currently, not only companies but also governments have started to accept the inevitable. Bitcoin is now a legal tender in El Salvador, and many countries such as China, Iran, Russia, and Japan are also referred to be working on their central bank digital currencies widely known as CBDCs.

Also Read: Russia ready to adopt Bitcoin in payments option but under rules

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