The UAE has allowed payment for utility services with cryptocurrency through Crypto.com
Kyiv • UNN
The Dubai government has allowed payment for government services with cryptocurrencies through Crypto.com. This is part of a strategy to transition to 90% cashless payments by 2026.
The Department of Finance (DOF) of the Government of Dubai, responsible for preparing the annual general budget, has allowed payment for services in cryptocurrency using the Crypto.com crypto exchange.
UNN reports with reference to CNBC.
Details
The Dubai Department of Finance has announced a partnership with the Crypto.com crypto platform, which will allow government services to be paid for in cryptocurrencies. The agreement was formalized at the Fintech Summit in Dubai.
The partnership is in line with Dubai's cashless payment strategy, which aims to convert 90% of public and private sector transactions to cashless methods by 2026.
Once the technical arrangements for the initiative are finalized, individuals and "business clients of government agencies" will be able to pay service fees through digital wallets on Crypto.com.
The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, providing a streamlined, secure and innovative payment system.
Recall
Most Ukrainians support the legalization of cryptocurrencies, but do not expect rapid popularity. According to forecasts, digital assets will become popular in 10-15 years. This is evidenced by a survey conducted by UNN