With the market cap of cryptocurrencies approaching $2 trillion and crypto adoption increasing, governments around the world have also become increasingly open to the industry. CryptoFollowing its mainstream adoption, a school in Dubai took steps to incorporate crypto into the education sector.
It will officially launch in September 2022, Arabian Business reported on March 28. Citizens Schoolin the Middle East Bitcoin (BTC) and Ethereum (ETH) It was the first school to accept tuition fee payments made with
The school will accept payments through integration with a digital platform that automatically converts cryptocurrency to United Arab Emirates dirhams (AED).
Recently, Dubai has been one of the cities that has made the biggest strides in crypto adoption. The Dubai Government had recently passed the first law to regulate digital assets with the aim of promoting the growth of the industry by providing investors with a secure and advanced legal framework. This move also followed the adoption of the law.
This action follows Dubai Government’s adoption of the first law governing digital assets with the aim of promoting the growth of the industry by providing investors with a secure and advanced legal framework.
“Reshaping the traditional financial system”
Commenting on the educational institution’s decision to start accepting cryptocurrencies, Citizens School founder Dr. Adil Alzarooni said:
“A while ago, cryptocurrency was a volatile term known only among experienced traders. However, today cryptocurrency is becoming much more mainstream, reshaping the traditional financial system.”
According to him, this move on crypto is part of the school’s initiative to educate children to “become the entrepreneurs and investors of tomorrow” as more people embrace the era of digitization.
Dubai’s steps towards crypto adoption
Citizens School is not the first platform in Dubai to use crypto as payment. The city recently from Dogecoin (DOGE) had also welcomed the first cryptocurrency-inspired burger restaurant. Doge Burger accepts Dogecoin, Bitcoin, Ethereum, BNB, CRO, XRP, USDT and even SHIB as payment methods for real burgers.
Also, just two weeks ago, it was reported that Binance received a Dubai Virtual Asset License. With the license, the world’s largest crypto exchange will be able to operate under the Emirate’s “test-adaptation scale” virtual asset market model, under the first regulatory phase of the Virtual Asset Regulatory Authority (VARA).