Dubai agreed to authorize cryptocurrency payments for government services within the framework of an agreement with Crypto Exchange Crypto.com, by taking a step towards the implementation of its plan for a company without species.
Once the technical details are completed, the agreement will allow individuals and companies to pay fees using digital wallets from Crypto.com, which is authorized by the Virtual Assets Regulatory Authority (VARA). The platform will then convert the amounts to dirhams for payment, according to a press release on Monday.
The agreement allows the government “to operate financial technology in the launch of a new digital payment channel on government digital portals,” he said in the press release. Species should be added at least 8 billion dirhams ($ 2.2 billion) per year to the economy.
Dubai has been building its cryptographic references for several years and considers itself a cryptographic hub of the Middle East. In March 2022, he established Vara, the appellant the first independent cryptography regulator in the world, and awarded licenses to exchanges, notably Binance and OKX. He also launched a metavese strategy aimed at attracting 1,000 metavese and blockchain companies by 2030.
