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Dubai partners with Crypto.com to provide encryption payments for government services.
According to Cointelegraph, the Dubai government has signed a protocol with the crypto assets trading platform Crypto.com, planning to allow individual and business users to pay for government service fees using crypto assets through Crypto.com's digital wallet. Payments will be automatically converted to dirhams and transferred to the Dubai Treasury account.
This initiative is part of Dubai's "Cashless Strategy," aiming to achieve 90% cashless financial transactions in the public and private sectors by 2026. The Dubai Finance Department stated that this cooperation will accelerate the development of financial technology and is expected to bring at least 8 billion dirhams (about 2.1 billion dollars) in economic growth.
Currently, it has not been announced which Crypto Assets will be accepted, but the official mentioned that "stable Crypto Assets" may be supported, implying that stablecoins will be prioritized. This cooperation marks an important step for Dubai in promoting digital payments and the application of Crypto Assets, further consolidating its position as a global crypto-friendly city.