A school in Dubai accepts Bitcoin and Ethereum tuition fees…Details here
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Answer A school in Dubai accepts Bitcoin and Ethereum tuition fees…Details here
Having become home to several cryptocurrency companies in the past few months, Dubai wants to boost crypto adoption through other tactics.
This time around, a local school has reportedly announced that it wants to start accepting payments with digital assets as tuition fees.
A school in Dubai that accepts crypto:
According to a website report,cornerParents in Dubai will have the option to pay their children’s tuition fees using cryptocurrency at one of the new schools.
This step is the first of its kind in the Middle East.
Citizens School is set to open its doors in September of this year and will accept the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum.
Read:How will Bitcoin perform after the Ethereum integration upgrade?
The report clarified that the funds will be automatically converted into dirhams by a local company.
This decision was primarily driven by recent actions by city authorities to create a regulatory framework for digital assets and to develop Dubai into a hub for cryptocurrencies.
Dr. Adel Al-Zarouni, director and founder of Citizens School, commented:
For a while, cryptocurrency has been a popular term among seasoned investors.
But today cryptocurrency has become more widespread, reshaping the traditional financial system.
He added that adding cryptocurrency payments would enhance the role of younger generations in developing the country’s digital economy.
Dubai Welcomes Cryptocurrency Trading Firms:
There are several pro-crypto measures taken by the authorities in Dubai recently, among them the license granted by the city to the leading cryptocurrency exchange Binance.
Soon after, reports emerged that FTX, which competes with Binance in its activity, also wanted to set up a regional headquarters in Dubai.
This trend intensified in the next few weeks as the number of crypto companies wanting to imitate this movement continued, and the two most recent companies with such intentions are Bybit and CryptoCom.
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