Dubai is aiming to promote crypto acceptability through a number of approaches after becoming the headquarters of numerous digital asset startups in recent months. In continuation, now parents in Dubai would be able to pay their children’s tuition fees with Bitcoin or Ethereum at a new institute named ‘Citizens School’. It would be the first institution in the Middle East to accept digital asset payments as a result of this decision.
Bitcoin and Ethereum as tuition fees in Dubai institute
According to sources, the Citizens School is expected to open its doors in September of this year, and it will take bitcoin (BTC) and ether (ETH), the two most valuable cryptocurrencies by market capitalization. A local firm will instantly convert the cryptocurrency transaction into the Dirhams, the fiat currency.
The decision of cryptocurrency acceptance was largely influenced by the state’s recent efforts to construct a digital asset legal framework and promote Dubai into a virtual currency hub.
Dr Adil Alzarooni who is the founder of the Citizens School shared his views on the acceptance of bitcoin and ethereum for tuition fees as follows:
“A few years ago, bitcoin was only a buzzword among seasoned investors. Cryptocurrency, on the other hand, is rapidly becoming more widespread, changing the existing financial system. Citizens are changing the education sector by reimagining every aspect of the learning experience.”
He further added that the inclusion of virtual asset payments will help young people to play a bigger part in the country’s digital economy.
