Dubai taps Crypto.com to enable crypto payments for govt services 🇦🇪
Dubai's government has teamed up with Crypto.com to introduce crypto payments for its services, as confirmed at the Dubai fintech Summit. This move aligns with Dubai's goal of transitioning to a cashless economy by 2026, leveraging digital payment channels integrated across its platforms.
The agreement enables service payments via cryptocurrencies through Crypto.com's wallets, subsequently converting them into dirhams for the Department of Finance. Amna Mohammed Lootah emphasized this development as crucial to achieving 90% cashless transactions across sectors.
Additionally, Dubai’s strategy, initially announced in October 2024, expects to bolster the economy by adding 8 billion dirhams. The city continues to build regulatory frameworks ensuring secure and efficient digital financial practices.
Other initiatives include real estate tokenization, highlighting Dubai's position as a proponent of cryptocurrency integration.
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