Uber: Cab Service Provider To Accept Cryptocurrencies as Mode of Payment Soon?

World's largest cab service provider Uber is planning to make cryotocurrency a mode of payment option in the near future. According to reports, CEO of Uber Dara Khosrowshahi expressed that the cab booking platform is looking into adding crypto payment option but didn't disclose the exact timeline. During an interview with Bloomberg, Khosrowshahi said, "Is Uber going to accept crypto in the future? Absolutely. At some point."

"We are having conversations all the time [about cryptocurrency]," the CEO said and further added, "I think right now what we see with Bitcoin and some of the other cryptos is that they are quite valuable as a store of value."

While Khosrowshahi has said he is supportive of cryptocurrencies, he feels this isn't the right time to introduce the crypto payment method as transactions could be very expensive.

Uber to accept crypto as payment
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"The exchange mechanism is expensive, it's not great for the environment. As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more," he stated.

Moreover, the world's largest cryptocurrency Bitcoin, which was once trading above $65,000 is currently trading at around $44,000, much lower than its all-time high, after the recent market crashes.

Also, this isn't the first time Uber publicly showing support for cryptocurrencies. Earlier in February, it was reported that Uber told CNBC that the company is exploring ways to accept cryptocurrencies as payment option.

Reports suggest that the popular ride-sharing company even had discussions about buying Bitcoin (BTC) with corporate cash just like Elon Musk's Tesla. However, the idea was quickly dropped.

Crypto Regulations

Cryptocurrencies are on the rise and tremendous focus is been given to the cryptocurrency market at the moment. Governments have shown interest in the booming crypto industry and are trying to figure out possible ways to regulate the market, introduce new laws and guidelines to make the system safer for investors and traders and less appealing to hackers or cybercriminals.

This article was first published on February 16, 2022