Dubai school now accepts crypto payments for tuition fees

Dubai has already been in the limelight due to its crypto-friendly business environment.

Now, the Citizens School institution in Dubai will accept tuition fees in Bitcoin or Ethereum (ETH), making it the first school in the Middle East to allow payments in cryptocurrency.

UAE to become leader of Global Digital Economy?

The school has partnered with an as-of-now unnamed cryptocurrency payments processor to automatically convert crypto payments into Dirhams (AED).

The school's intentions align with the UAE's mission to become a global leader in the Digital Economy. The founder of Citizen School, Dr. Adil Alzarooni commented:

"By introducing this new payment facility, we look forward to enhancing the role of young generations in achieving the UAE's digital economy. As more people embrace the era of digitalization, today's children will become the entrepreneurs and investors of tomorrow."

The Citizen school is set to be open from September this year. They will encourage students to take an interest in blockchain technology and other 21st century skills as a way to give them a future-proof education.

Can Dubai become world’s Crypto hub?

The Dubai government established the Virtual Asset Regulation Law to protect investors and provide international standards for 'virtual assets industries.' They are on the path to turning Dubai into the world's crypto hub.

Several crypto exchanges, such as Bybit, are establishing their headquarters in Dubai. FTX and Binance have also recently received licenses to operate in the city. The foreign exchanges will come as competition to the original Dubai-founded exchange BitOasis, which has registered with the country’s central bank.