Dubai’s Citizens School has announced that it will be accepting school fee payments in BTC and ETH, becoming the first school in the Middle School to do so.
Pay Tuition Fees In BTC, ETH
The Citizens School, which is based in Dubai, will officially start operations in September 2022. As per reports, the school authorities have already announced that they will accept tuition fees in Bitcoin (BTC) and Ethereum (ETH).To facilitate this new mode of payment, the school will be integrating a digital platform that will automatically convert cryptocurrency to the currency of UAE, which is Dirhams (AED).
Speaking on the matter, Dr. Adil Alzarooni, Founder of Citizens School, noted,
“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 digitalization, today’s children will become the entrepreneurs and investors of tomorrow.”
Food Industry Adopting Crypto Payments
Although cryptocurrency has been flourishing across the Middle East, this will mark the first time crypto is being included in the education sector. The interest in crypto has already permeated into other industries in the region. The first Dogecoin-inspired, crypto-powered burger restaurant was recently launched in Dubai. This restaurant, called Doge Burger, accepts a multitude of cryptocurrencies as payment, including Dogecoin, Bitcoin, Ethereum, BNB, CRO, XRP, USDT, and SHIB.
Dubai Banking Heavily On Crypto
Following the total market capitalization of crypto hitting the $2 trillion mark, governments worldwide are keen to get a piece of the crypto pie. Dubai is not one to be left behind. The capital of the UAE has jumped into the global crypto race and already made notable progress in making the region more welcoming toward crypto and blockchain tech. The Dubai Government implemented a safe and advanced legal framework that would help promote the asset. A regulatory body called the Virtual Asset Regulatory Authority (VARA) was established under this initiative to set the groundwork for building Dubai up as a crypto hub.
Binance, the world’s largest crypto exchange, has also recently received the Virtual Asset License. The license opens up doors for the exchange by allowing operations within the Emirate’s ‘test-adapt-scale’ virtual asset market model under the VARA’s initial regulatory phase.
The city has already partnered up with Binance to take the city to another level by rebranding it as a crypto hub, with its base to be set up in the Dubai World Trade Center (DWTC).
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.