Dubai Embraces the Future: Going Cashless with Crypto Payments
Dubai Authorities to Embrace Cryptocurrency in Strive for Cashless Society
Gear up, crypto enthusiasts! The government of Dubai has announced that it will now accept digital assets for payments towards various government fees. Dubai Finance, the department that manages the city's budget, will team up with Crypto.com to make this cashless future a reality.
At the Dubai Fintech Summit, a monumental step was taken to move towards a more digital future. His Excellency Abdulrahman Saleh Al Saleh, the Director-General of Dubai Finance, stated that accepting crypto payments will help Dubai become an entirely cashless city. He further emphasized the city's commitment to digital transformation and innovation in financial services.
Last October, Dubai announced a "cashless strategy" campaign, aiming to streamline government transactions and move towards a more digital lifestyle. With 97% of all government payments already digital, the city is leading the way in embracing technological advancements.
While the specific digital assets to be accepted have not been explicitly named, the agreement involves using Crypto.com's digital wallets to convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts[2][3]. This change will enable residents and businesses to pay for various government services, including utility services like parking, using their preferred digital assets once the necessary technical arrangements are in place[2][5].
According to the agreement, "stable cryptocurrencies" will also be used for transactions, but the specific types have not been detailed[5]. Dubai has already solidified its reputation as a crypto-friendly city, hosting the Token2049 conference last week, and boasting a number of digital asset companies based there.
Crypto.com's President and COO, Eric Anziani, expressed his excitement over the agreement, calling Dubai a "true global visionary." However, Decrypt sought clarification from Crypto.com regarding the types of government fees covered by the agreement, but did not receive an immediate response.
In March, Crypto.com signed a non-binding agreement with President Donald Trump's media company, Trump Media and Technology Group, to offer exchange-traded funds, including ETFs based on cryptocurrencies[6].
Dubai evolves, and the world takes note. The city continues to push boundaries, shaping a more digital, innovation-driven future.
Sources:[1] https://cointelegraph.com/news/dubai-s-dfm-to-accept-crypto-payments-after-selling-11-million-into-crypto-space[2] https://www.arabianbusiness.com/banking-finance/dubai-plans-to-accept-cryptocurrency-for-all-government-fees-590084[3] https://www.cryptonews.com/news/dubai-announces-partnership-with-crypto-com-to-accept-cryptocurrencies-for-government-fees.htm[4] https://news.yahoo.com/dubai-government-accept-crypto-payments-023236165.html[5] https://www.coincu.com/news/dubai-accept-cryptocurrency-for-all-payments-government-fees.htm[6] https://decrypt.co/56618/crypto-comex-donald-trump-media-group-non-binding-agreement-crypto-etfs
- In a significant move towards a cashless future, Dubai Finance, the department responsible for managing Dubai's budget, is partnering with Crypto.com to accept digital assets, including cryptocurrencies, for various government fees.
- At the Dubai Fintech Summit, the plans were revealed to use digital wallets provided by Crypto.com to convert these crypto payments into Emirati dirhams and transfer them to Dubai Finance accounts.
- The agreement will enable residents and businesses to pay for government services like utility bills using their preferred digital assets once the necessary technical arrangements are in place.
- Dubai has shown a commitment to investing in technology, having already solidified its reputation as a crypto-friendly city and hosting digital asset companies.
- The agreement also includes the use of stable cryptocurrencies, although the specific types have not been detailed.
- Crypto.com's President and COO, Eric Anziani, praised Dubai as a "true global visionary" in response to the partnership, but further details, such as the types of government fees covered, are yet to be clarified.
