Dubai has partnered with Crypto.com, a digital asset exchange to receive government fees in the form of digital assets.
As part of the ongoing “cashless” strategy, the Department of Finance of the emirate signed a Memorandum of Understanding (MoU), with the cryptofirm.
Dubai wants to carry out more than 90 percent of all financial transactions in the private and public sectors using cashless methods within one year.
A new press release states that when the deal is completed, individuals and businesses of government agencies in the emirate will be able pay their service fees using the digital wallets provided by Crypto.com. Crypto.com converts the cryptocurrency payments to Emirati Dirhams, and transfers them into DOF accounts.
Dubai is positioning itself as an emirate that welcomes crypto-currencies. The emirate will host Binance Blockchain Week this December.
Ahmad Ali Meftah is the executive director for central accounts at DOF. He says that the partnership with Crypto.com forms part of the efforts of the Emirate to become a hub of digital payments around the world.
We are developing a regulatory framework to ensure the best possible security and efficiency for digital financial transactions. It increases customer confidence in Dubai Government Services and opens up new economic opportunities. We are committed to creating a financial model which empowers both individuals and companies. This will cement Dubai’s position as a leader in global financial technology, and keep it on the cutting edge of economic innovation.
Please follow us at X@InvCryptoDaily
Subscribe for email alerts to avoid missing a beat
___________________
The ICD mix
Sources of Images include Pixabay Creative Commons & Midjourney
The post Dubai Government Announces Partnership With Crypto.com to Accept Payments In Digital Assets can be updated as new information becomes available.
This site is for entertainment only. Click here to read more
