The Government of Dubai has signed an agreement with Crypto Exchange Crypto.com to launch crypto payments for government services.
On May 12, “DOF) said the agreement was regularly presented during the Dubai Fintic Summit on May 12, which is part of Dubai’s cashless strategy, which is expected to introduce a new digital platform in the city’s” a full digital, cashless society “in its official platform.
Once the service is flowing, people from public institutions and business users can pay a service fee with Crypto through a digital wallet of Crypto.com. According to the DOF, the payments will be converted to Deram and transferred to the DOF accounts.
Dubai’s project is for 90 % of financial transactions in public and private sectors through cashless methods by 2026, said Aman Mohammad Lotah, director of digital payment systems regulation.
“We believe that this milestone will significantly accelerate the development of the Dubai cashless strategy,” he said.
The DOF did not specifically mention which crypto it would start to accept it, but he said that payment could be made using “stable crypto currencies”, possibly indicating that stables would be allowed.
On April 28, a three -year -old Abu Dhabi institution, including the Emirates’ Sovereignty Fund, announced a plan to launch a Pagid Establishment with a new dirhams.
Duba’s strategy hope that the extension of the fantacic sector will be given rise to
The city’s cashless strategy was first announced in October 2024. At that time, the DOF said that 97 % of all government payments were already digital in 2023.
According to the DOF, the strategy has also been predicted to increase the economy by at least 8 billion dirhams ($ 2.1 billion), according to the DOF, with the development of financial technology services and the rapid expansion of Dubai’s fantasy sector.
Ahmad Ali Mutta, executive director of the Central Accounts Sector in the DOF, said in a statement that the government is still developing a regulatory framework that “promotes innovation” in digital financial transactions “by ensuring the highest standards of security and performance.
Dubai is considered a crypto friendly city. The UAE hosted the Dubai edition of the token 2049 between April 30 and May 1 this year.
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Meanwhile, on March 19, the Dubai government launched a pilot phase of the plan to convert property assets to the Blockchain into a digital token.
Other governments also swim using crypto for payments. A New York lawmaker legislated in April to allow state agencies to accept crypto payments.
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