A local school in Dubai announced that it is considering collecting Bitcoin (BTC) and Ethereum (ETH) as payments for tuition
Dubai seeks to increase crypto adoption through different means after becoming the headquarters of many digital asset startups in recent months.
This time, a local school is claimed to be considering collecting digital asset payments as a kind of tuition.
School in Dubai to Accept Crypto?
According to the Zawya story, parents will be able to pay their children’s tuition costs with cryptocurrency at a new school. It would be the first entity in the Middle East to accept digital asset payments as a result of this decision.
The Citizens School is expected to open its doors in September of this year, and it will accept bitcoin (BTC) and ether (ETH), the two most valuable cryptocurrencies by market capitalization.
Nonetheless, the cash will be automatically changed into Dirhams by a local company, according to the story.
The decision was primarily influenced by the city’s recent efforts to construct a digital asset legal framework and promote Dubai as a cryptocurrency hub.
He went on to say that the addition of digital asset payments will help young people play a bigger part in the country’s digital economy.
Dubai is welcoming cryptocurrency exchanges
Authorities in Dubai recently took a number of other pro-crypto moves. One of the first was the city’s grant of a license to Binance, the world’s largest digital asset exchange.
Shortly after, news arose saying that FTX, a renowned crypto exchange, is looking to establish a regional headquarters in Dubai. This tendency accelerated over the next few weeks, as the number of trading venues planned to follow suit increased.
Bybit and CryptoCom were the most recent companies to announce such plans.
CryptoCom, on the other hand, has stated that it will begin hiring a large number of people in the coming months in order to establish a “significant presence” in the UAE.