Dubai Partners With Crypto.com for Government Crypto Payments, Targets 90% Cashless Transactions and AED8 Billion Boost by 2026

Dubai’s Department of Finance has signed a Memorandum of Understanding with Crypto.com to enable the payment of government service fees using cryptocurrencies. The agreement was formalized during the Dubai FinTech Summit at the Dubai International Financial Centre and aligns with the emirate’s ‘Dubai Cashless Strategy’ and D33 agenda. Once technical arrangements are finalized, individuals and business customers of government entities will be able to pay for government services through digital wallets on Crypto.com. The platform, which holds a license from the Dubai Virtual Assets Regulatory Authority (VARA), will convert cryptocurrency payments into Emirati dirhams before transferring them to Dubai Finance accounts. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant