Dubai agreed to allow cryptocurrency payments for government services in an agreement with Crypto Exchange Crypto.com, taking a step towards the implementation of its plan for a society without cash.
Once the technical details are completed, the agreement will allow people and companies to pay rates using Crypto.com digital wallets, which is licensed by the regulatory authority of virtual assets (rod) of Emirate. The platform will turn the amounts into Dirhams for payment, according to a press release from Monday.
The agreement allows the government to “take advantage of financial technology at the launch of a new digital payment channel in the Government’s digital portals,” he said in the statement. The strategy without cash is expected to add at least 8 billion dirhams ($ 2.2 billion) annually to the economy.
Dubai has been building its cryptographic credentials for several years and looks itself as a Cryptographic Middle Center. In March 2022, he established rod, calling him the first independent cryptographic regulator of the world, and has granted licenses to exchanges, including Binance and OKX. It also started a metal strategy with the aim of attracting 1,000 Metverse and Blockchain companies by 2030.
