Dubai Government Opens Door to Accepting Crypto for Service Fees
Dubai agreed to allow cryptocurrency payments for government services in a deal with crypto exchange Crypto.com, taking a step toward implementing its plan for a cashless society.
Once technical details are complete, the agreement will allow individuals and businesses to pay fees using digital wallets from Crypto.com, which is licensed by the emirate’s Virtual Assets Regulatory Authority (VARA). The platform will then convert the amounts into dirhams for payment, according to a Monday press release.
The agreement allows the government “to harness financial technology in launching a new digital payment channel on the government’s digital portals,” it said in the release. The cashless strategy is expected to add at least 8 billion dirhams…
