In Dubai, it will be possible to pay for government services with cryptocurrency

The Dubai Department of Finance (DOF) announced a partnership with the CryptoCom exchange, which will allow residents and businesses to pay for government services through cryptocurrency wallets.

The platform will automatically convert cryptocurrency into dirhams and credit them to DOF accounts.

The DOF stated that the agreement supports the implementation of Dubai's Cashless Strategy, aimed at ensuring that by 2026, 90% of transactions in the public and private sectors are conducted cashless.

At the end of April, the largest financial institutions in the UAE announced the launch of a dirham-pegged stablecoin, which will be regulated by the Central Bank.

The project, according to their estimates, will also help strengthen the digital infrastructure and bring the country closer to the status of a global fintech hub.