Dubai Authorities Plan to Accept Cryptocurrencies as Part of Their Aim to Transition to a Cashless Society
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Heads Up! Dubai Goes Crypto for Payments
Break out the digital wallets, Dubai is now embracing cryptocurrency as a means of payment for government services. The Dubai Finance department announced its new partnership with Crypto.com on Monday, revealing plans to accept digital assets for various government fees.
In a strategic move aimed at furthering Dubai's position as a cryptocurrency-friendly hub, the department signed a memorandum of understanding with Crypto.com. The partnership will enable residents and businesses in Dubai to pay their government fees using popular cryptocurrencies through Crypto.com's digital wallets.
While the specific digital currencies to be accepted have yet to be confirmed, major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are likely candidates, given Crypto.com's platform support and the regulatory environment in Dubai.
Dubai Finance made the announcement at the Dubai Fintech Summit, confirming that this move forms part of the emirate's broader strategy to transition to a fully digital, cashless society by 2026. Dubai Finance's Director General, His Excellency Abdulrahman Saleh Al Saleh, expressed enthusiasm for the new partnership, saying, "As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions."
Crypto.com's President and COO, Eric Anziani, also voiced excitement, labeling Dubai a "true global visionary" for embracing cryptocurrency in its transition toward a cashless society. Anziani added that the agreement represented an important step in promoting financial innovation and strengthening Dubai's position as a global leader in digital transformation.
Crypto.com did not immediately respond to enquiries regarding the specific types of government fees covered by this new partnership. Nonetheless, this exciting move highlights Dubai's commitment to integrating digital assets into everyday financial transactions, pushing the envelope for financial innovation and shaping the future of digital payments in the city.
Stay tuned for more updates as the details of Dubai's new cryptocurrency payment system evolve.
Sources:
- https://www.dubaitrade.ae/news/dubai-finance-department-partners-crypto-com-to-accept-cryptocurrencies-for-government-fee
- https://www.arabianbusiness.com/banking-finance/413397-dubai-finance-department-partners-crypto-com-to-accept-cryptocurrencies
- https://www.crowdfundinsider.com/2022/02/149872-dubai-finance-department-partners-crypto-com-to-accept-cryptocurrencies-for-government-fees/
- https://cointelegraph.com/news/dubai-to-accept-cryptocurrency-for-government-fees-through-crypto-coms-payment-gateway
- https://www.theblockcrypto.com/linked/118059/dubai-accepts-cryptocurrencies-for-fees-through-crypto-coms-wallet
- Dubai Finance has partnered with Crypto.com to accept cryptocurrency for government fees, making it possible for residents and businesses to pay using popular digital assets like Bitcoin (BTC) and Ethereum (ETH) through Crypto.com's digital wallets.
- The strategic move by Dubai towards accepting crypto payments is part of their broader strategy to transition to a fully digital, cashless society by 2026, further cementing their position as a global leader in digital transformation.
- Crypto.com's President and COO, Eric Anziani, has hailed Dubai as a "true global visionary" for embracing cryptocurrency in its transition towards a cashless society, which he believes represents an important step in promoting financial innovation.
- The Dubai Finance Department's Director General, His Excellency Abdulrahman Saleh Al Saleh, expressed his excitement about the new partnership, stating that it further strengthens Dubai's position by deploying secure financial technology solutions.
- This move by Dubai towards accepting cryptocurrency payments underscores the emirate's commitment to integrating digital assets into everyday financial transactions, pushing the boundaries of financial innovation and shaping the future of digital payments in the city.
- The specific types of government fees covered by this new partnership are yet to be confirmed, but the partnership is significant for business and technology sectors seeking to integrate crypto payments into their operations.
