Dubai to accept crypto for government service payments in global first

Dubai will become one of the world’s first governments to fully enable crypto payments for public services, following a landmark agreement signed between Dubai’s Department of Finance and Crypto.com. Announced at the Dubai FinTech Summit on May 12, the memorandum of understanding outlines plans for a secure digital payment channel that allows individuals and businesses to pay government fees using cryptocurrency wallets. These payments will be converted into Emirati dirhams and transferred to DOF accounts, marking a major step forward in the implementation of the Dubai Cashless Strategy, according to Crypto.com. You might also like: Is Mantra about to break out? OM reaches key resistance at $0.45 Dubai as a crypto hub The initiative is part of Dubai’s broader ambition to position itself as a global hub for financial innovation . The city’s Cashless Strategy aims to shift more than 90% of financial transactions in both public and private sectors to digital methods by 2026. According to DOF, the adoption of blockchain-enabled payments could contribute at least AED 8 billion annually to the local economy by spurring fintech growth and streamlining financial services. The agreement, described by officials as the first of its kind at the government-wide level, goes beyond pilot programs in other jurisdictions and integrates crypto payments directly into Dubai’s digital infrastructure. Once technical integration is complete, users will be able to access the service through Crypto.com’s wallet, enabling seamless and secure crypto transactions across all participating government entities. You might also like: Bitcoin price poised for breakout with $127k target if $106k cracks soon

Source: crypto.news