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The moment has finally arrived for the largest global cab-hailing company to consider implementing crypto as a payment method.

Uber’s CEO, Dara Khosrowshahi, stated that the company’s ultimate goal is to enable its passengers and eaters to pay in cryptocurrency. The cab-hailing and food-delivery industries are considering using cryptocurrency as a payment method.

Despite the fact that the company had been considering this idea for some time, the public is unaware of the project’s adoption date.

Uber would join the ranks of Starbucks, Microsoft, and a slew of other companies who have reportedly adopted bitcoin in limited markets.

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Dara Khosrowshahi, Uber’s CEO, Dara Khosrowshahi stated in a press conference that the largest global cab-hailing enterprise will likely adopt bitcoin as a payment method. Uber would “definitely” take bitcoin in the near future, not at the moment according to Khosrowshahi.

Reason For Slow Adoption

“We’re always talking to each other.” The lift-hailing enterprise looks to introduce cryptocurrency as a means of payment, but a decision is yet to be reached.

“Someday,” Khosrowshahi stated in a brief conversation with Bloomberg, adding that the business is talking about it “most of the time.”

The author mentioned that the current visible condition of bitcoin and some other coins is that they’re quite valuable as money reserves. The CEO went on to discuss some of the main reasons why Uber has yet to implement the innovation.

While clients eagerly anticipate the new concept for which their payments can be in Bitcoin, it is unknown whether the company intends to make a public guarantee in the form of an investment–by obtaining Bitcoin as its reserve currency.

Khosrowsha cited that the major reason for the innovative delay as the environmental worries about digital mining; the exchange mechanism’s hefty dealing fees are also a stumbling block.

“As the exchange mechanism gets less expensive and more ecologically friendly, I believe you will see us tilting more into crypto,” the CEO mentioned. Definitely in due time!

Despite the fact that “now isn’t the proper time” for Uber to join, the CEO ended the conversation with a positive outlook though.

“As a result, we’re keeping a close eye on the situation.” “Absolutely–at some point,” he responds when asked if Uber will take cryptocurrencies in the future.

Uber revolutionized the taxi industry in the early 2010s by developing an app that connected drivers and passengers, and it now has attained more than 100 million monthly active clients.

Meanwhile, the San Francisco-based enterprise, which has handlings in over 900 cities across the world, acknowledged its role as the world’s biggest mobility platform in combating climate change.

The enterprise guaranteed to accelerate a “just and clean energy transition” by creating a completely electric, zero-emission platform by 2040, with 100% of lifts taking place in zero-emission cars.

When contemplating cryptocurrency as a means of payment, some have raised concern about the volatility of these digital assets.  Major corporations have been sluggish to accept cryptocurrencies as payment methods, despite the fact that interest in the practice has surged in recent years.

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Alicia Maher

By Alicia Maher

Alicia Maher is an accomplished news writer with a passion for storytelling. With years of experience in the field, she is skilled at delivering accurate, engaging, and insightful news coverage to her audience.