Dubai ranks among the foremost countries fast-tracking crypto adoption, and for good reason. A school in Dubai is to begin supporting tuition payments in two of the most prominent cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH).
While Dubai has been most welcome as the ideal destination for crypto enterprises to set up shop, it is now accelerating the mission to mainstream crypto adoption through expanding to other sectors. That said, a school in Dubai is said to soon support tuition payments in crypto.
As reported by Zawya, a brand new school is offering parents the opportunity to pay the tuition fees for the attending children in cryptocurrencies. This is surely a first maneuver of the kind in the region. The school will begin operations in September of 2022. While the school dubbed the Citizens School will accept payments in Bitcoin (BTC) and Ethereum (ETH), a local firm will do the automatic conversion of the crypto payments to Dirhams.
In an effort to make Dubai a beacon for cryptocurrency activities and projects as part of the establishment of regulations for the sector, the decision of the school was driven by measures related to the industry that the authorities of the city have enforced.
Dr. Adil Alzarooni, the Citizens School founder said that “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.”
He went on to say that the inclusion of cryptocurrency transactions will help students play a bigger part in the digital economy of their country.
This is not the first measure favoring cryptocurrencies that were pushed by the city authorities in Dubai. Binance recently was the beneficiary of the license to operate in the city. Not long after this development, reportedly, FTX also wants to expand its operations in the city. Weeks after many companies providing similar solutions planned for a similar move.
Bybit and Crypto.com were the latest companies to announce such plans. The official statement of the enterprise conveyed that “Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai.”
Crypto.com, however, has stated that it will begin hiring a large number of new recruits in the coming months in order to create a strong foothold in the United Arab Emirates (UAE).