ابو اواب 19
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✍ Dubai ranks first globally in accepting cryptocurrencies for government fee payments
The Dubai government announced on May 12, 2025, a groundbreaking global step, as the Department of Finance signed a memorandum of understanding with the global platform "Crypto.com" to enable the payment of government service fees using cryptocurrencies. This initiative is the first of its kind worldwide and comes as part of Dubai's strategy to transform into a cashless society and enhance the digital economy.
How will the payment process work?
Under this agreement, individuals and institutions will be able to pay government service fees through their digital wallets on the "Crypto.com" platform. The platform converts cryptocurrencies into stablecoins and then into the UAE Dirham, which is the only currency that the Dubai government accepts for payments. The digital wallet must be on the "Crypto.com" platform, with the possibility of expanding the partnership in the future to include other platforms such as "Binance", "Bybit", "Coinbase", and "Kraken".
What is the significance of this step?
This initiative is part of Dubai's cashless strategy, which aims to enhance digital transformation in government services and provide innovative and secure payment methods. It also reflects Dubai's commitment to adopting innovative financial solutions and keeping pace with global economic transformations, thereby enhancing its position as a global hub for financial technology.
The Dubai government announced on May 12, 2025, a groundbreaking global step, as the Department of Finance signed a memorandum of understanding with the global platform "Crypto.com" to enable the payment of government service fees using cryptocurrencies. This initiative is the first of its kind worldwide and comes as part of Dubai's strategy to transform into a cashless society and enhance the digital economy.
How will the payment process work?
Under this agreement, individuals and institutions will be able to pay government service fees through their digital wallets on the "Crypto.com" platform. The platform converts cryptocurrencies into stablecoins and then into the UAE Dirham, which is the only currency that the Dubai government accepts for payments. The digital wallet must be on the "Crypto.com" platform, with the possibility of expanding the partnership in the future to include other platforms such as "Binance", "Bybit", "Coinbase", and "Kraken".
What is the significance of this step?
This initiative is part of Dubai's cashless strategy, which aims to enhance digital transformation in government services and provide innovative and secure payment methods. It also reflects Dubai's commitment to adopting innovative financial solutions and keeping pace with global economic transformations, thereby enhancing its position as a global hub for financial technology.
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