The latest example of cryptocurrencies being used in a school is from a local school in Dubai.
After becoming the home of multiple digital asset companies in the past few months, Dubai wants to increase the adoption of tHe digital asset. The school wants to start accepting digital asset payments as tuition fees.
School in Dubai to Accept Crypto?
According to the Zawya report, parents will be able to pay for their children’s tuition at a new school with cryptocurrencies. It will be the first entity to receive digital asset payments in the Middle East.
The Citizens School is set to open in September and will accept the two largest cryptocurrencies by market cap. The funds will be converted into dirhams by a local company.
The decision was made due to the recent actions taken by the city’s authorities to establish a digital asset regulatory framework and develop Dubai into a cryptocurrencies hub.
“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.” – commented the Founder of Citizens School, Dr. Adil Alzarooni.
The addition of digital asset payments should help young generations develop the country’s digital economy.
Dubai Welcomes Crypto Exchanges
Several other pro-crypto actions have been reported by the authorities in Dubai. The city awarded a license to the leading exchange for digital assets.
According to reports, FTX wants to set up its regional headquarters in the Middle East. The number of trading venues planning to imitate this move kept increasing as the trend intensified.
The two most recent companies to do so were Bybit and CryptoCom.
“Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai,” – reads a company statement.
A lot of personnel will be recruited by the end of the year in order to establish a significant presence in the UAE.
Featured photo source pexels.com