There has been considerable speculation doing the rounds whether Uber would accept crypto as payment. When asked to comment on the subject, Uber’s CEO said that this could be a possibility. He added that the same would not happen immediately, but at a later time.
He said the that the firm is working on including crypto as a payment option on its app. However, the CEO added that it would not be possible for him to reveal when it would happen. The CEO was speaking on the subject in an interview to Bloomberg.
He was then asked why the feature could not be introduced straight away. To that he replied, that the delay was owing to the current high transaction fees charge by the crypto exchanges. He said that the other reason for the delay is the large energy consumption associated with crypto mining.
Mining cryptocurrencies takes up enormous amounts of computing power. This entails high amounts of energy consumption. Globally, a lot of concern is being expressed over the energy requirements associated with crypto mining. All this energy consumption is doing a lot of environmental harm.
It is understood that Uber is in consultations with the crypto exchanges to lower the transaction fees. Simultaneously they are also watching the environmental impact of crypto mining. When both become manageable, Uber would include crypto as a mode of payment on its app.
Tesla is already quite active in the crypto space. There are other tech firms who also are active in the crypto space. Uber had earlier said that it was seriously considering using cash to buy crypto. However, it has now decided to give up on that idea. Tesla has in fact announced that it will accept DOGE as payment for its merchandise.