Dubai is teaming up with Crypto.com to let people pay government fees using cryptocurrency. This move is part of Dubai’s push to become a cashless society.
Going Cashless in Dubai
The Department of Finance (DOF) and Crypto.com signed an agreement to make this happen. Dubai wants over 90% of its financial transactions to be cashless by next year, both in the public and private sectors. Soon, individuals and businesses will be able to pay using Crypto.com’s digital wallets. Crypto.com will then convert the crypto into Emirati dirhams and send the money to the DOF.
A Crypto-Friendly City
Dubai has been welcoming to the crypto industry. It’s even hosting Binance Blockchain Week in December. The DOF’s executive director, Ahmad Ali Meftah, says this partnership is a big step towards making Dubai a global leader in digital payments. He highlighted Dubai’s commitment to creating a safe and innovative regulatory environment for digital finance.
The Future of Finance in Dubai
Meftah emphasized that this partnership will boost trust in government services and create new economic opportunities. Dubai is clearly aiming to be at the forefront of global financial innovation.