Dubai Pioneers Crypto Payments for Public Services
Dubai is set to revolutionize how it handles public service payments. The city’s Department of Finance (DOF) has teamed up with Crypto.com to allow crypto payments for government fees.This groundbreaking move was announced at the Dubai FinTech Summit on May 12.
The partnership will create a secure digital payment channel. Citizens and businesses can use their crypto wallets to pay government fees. These payments will then be converted into Emirati dirhams and transferred to DOF accounts. This step is crucial for Dubai’s Cashless Strategy, aiming to make 90% of transactions digital by 2026.
Dubai aims to be a global leader in financial innovation. The city believes that blockchain payments can boost the local economy by at least AED 8 billion annually. This growth will come from increased fintech activity and improved financial services.
This agreement is unique as it integrates crypto payments directly into Dubai’s digital infrastructure. Unlike other pilot programs, it covers all government entities. Once ready, users can access the service via Crypto.com’s wallet, ensuring smooth and secure transactions.
For more details, visit the Crypto.com website.
