Dubai introduces cryptocurrency to pay for public services

The Dubai Financial Authority has announced a partnership with the Crypto[dot]com platform, which will allow paying for government services using cryptocurrencies. The Memorandum of Cooperation was signed at the Dubai FinTech Forum. 

This initiative accelerates the implementation of the Dubai Cashless Strategy, aimed at making 90% of transactions in public and private structures of the city cashless by 2026.

After completing the technical training, users and companies will be able to use digital wallets to pay for services. The system will convert cryptocurrency payments into UAE dirhams, sending them to the accounts of the Department of Finance, which will ensure the security and transparency of operations.

Dubai continues to increase its influence in the digital economy and technology by granting licenses to the Crypto platform to provide regulated virtual asset services. The project is expected to bring up to 8 billion dirhams ($2.1 billion) to the economy annually.