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A school in Dubai called 'Citizens School' has become the first of its kind in the Middle East to accept cryptocurrencies as payment for tuition fees.
Dubai's Citizen School Accepts Tuition Fees in Crypto
In line with the nation’s goal to become a global hub for cryptocurrency, Dubai's Citizens School strives to push forward the UAE as a leader within the global digital economy. According to a press release on Monday, the school stated that it would expand its payment options to include bitcoin (BTC) and Ethereum (ETH) in addition to fiat currencies starting from September 2022. The development comes after the school partnered with a digital currency platform that processes crypto payments and automatically converts them to dirhams (AED). Commenting on the development, Dr. Adil Alzarooni, Founder of Citizens School said:
“By introducing this new payment facility, we look forward to enhancing the role of young generations in achieving the UAE’s digital economy. As more people embrace the era of digitalisation, today’s children will become the entrepreneurs and investors of tomorrow.”
Dubai's Strive Towards Becoming a Web 3.0 Hub
The move toward cryptocurrency payment options follows after the Dubai Government recently adopted its first law which seeks to regulate virtual assets, ensuring a safe and advanced legal framework for investors. Furthermore, it also aims to provide an excellent education for a diversified knowledge economy with the Citizens School seeking to become an incubator for entrepreneurial ideas and children-led innovation.