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- Dubai continues to lead the adoption of cryptocurrency at a global level with a recent move of a local school to accept tuition fees in cryptocurrencies.
- The Citizens School will begin this year in September and accept payments in two leading cryptocurrencies in the world – Bitcoin (BTC) and (ETH).
- Meanwhile, the trend of various exchanges demanding licenses from the city after it approved the license of Binance is seemingly increasing.
Over the past few months, Dubai has fostered multiple digital asset companies. Now, it seeks to increase crypto adoption using other methods. As per the latest reports, a local school wants to begin accepting tuition fees in digital assets.
Is A Dubai School Really Accepting Digital Assets?
As per a report of Zawya, a business intelligence and news company that focuses on the Middle East and North Africa regions, parents in Dubai can now also pay tuition fees for their children using digital assets at a new school. This advanced step will make it the first entity to accept payments in cryptocurrencies in the Middle East.
The Citizens School will officially start this year in September and will accept payments in two leading cryptocurrencies in the world – Bitcoin (BTC) and (ETH). The report further stated that a local company will automatically convert the funds into Dirhams.
The recent move of the city’s authorities to enact a digital asset regulatory framework and make Dubai a cryptocurrency hub triggered this move.
Dr. Adil Alzarooni, the founder of Citizens School, explained that just a while ago, cryptocurrency was just a term doing rounds among well-versed investors. But now as cryptocurrencies are becoming more mainstream, changing the traditional financial scene worldwide. In the same way, Citizens is revolutionizing the education sector, “re-imagining every element of the learning experience.” adds Alzarooni.
Further, he says that digital asset payments should improve the young generations’ role in developing the digital economy of the country.
Other Crypto Ventures Of Dubai
CryptoPotato also covered various other crypto-friendly actions taken by Dubai authorities recently. The city awarded a license to Binance, the leading digital asset exchange, which was among the first reports.
This trend intensified in the following few weeks as the number of trading venues planning to mimic this move kept increasing.
Almost immediately, the reports saying that another popular exchange- FTX- wished to establish regional headquarters in Dubai started surfacing. Over the following week, the trend increased with the number of trading venues planning to mirror the decision started increasing.
By bit and CryptoCom are the two most recent companies to show similar interests.
As per a company statement, By bit has got in-principle approval to create a full range of virtual assets business in Dubai.
Meanwhile, CryptoCom has promised to begin recruiting a lot of personnel in the upcoming months to establish a “significant presence” in the UAE.