After becoming the home of multiple digital asset companies in the past few months, Dubai wants to enhance crypto adoption through other tactics. This time, a local school reportedly said it wants to start accepting digital asset payments as tuition fees.
School in Dubai to Accept Crypto?
According to the Zawya report, parents in Dubai will have the option to pay tuition fees for their kids using cryptocurrencies at a new school. This move would make it the first such entity to receive digital asset payments in the Middle East.
The Citizens School is set to open doors in September this year and will accept the two largest cryptocurrencies by market cap – bitcoin (BTC) and ether (ETH). Nevertheless, the report explained that the funds will be automatically converted into Dirhams by a local company.
The decision was primarily prompted by the recent actions undertaken by the city’s authorities to establish a digital asset regulatory framework and develop Dubai into a cryptocurrency hub.
“A while ago, cryptocurrency was only a floating term among well-versed investors. However, today cryptocurrency is becoming much more mainstream, reshaping the traditional financial system. Similarly, Citizens is disrupting the education sector by re-imagining every element of the learning experience.” – commented the Founder of Citizens School, Dr. Adil Alzarooni.
He added that the addition of digital asset payments should enhance the role of young generations in developing the country’s digital economy.
Dubai Welcomes Crypto Exchanges
CoinRegWatch also reported several other pro-crypto actions undertaken by the authorities in Dubai recently. Among the first was the license the city awarded to the leading digital asset exchange – Binance.
Shortly after, reports surfaced claiming that FTX – another popular crypto exchange – wants to set up regional headquarters in Dubai. This trend intensified in the following few weeks as the number of trading venues planning to mimic this move kept increasing.
The two most recent companies to outline such intensions were Bybit and CryptoCom.
“Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai,” – reads a company statement.
CryptoCom, on the other hand, promised to start recruiting a lot of personnel in the following months to establish a “significant presence” in UAE.