TL;DR Breakdown
- Dubai-based institute, Citizens School, becomes the first school in the Middle East to accept crypto payments.
- The school has partnered with a crypto platform to convert BTC and ETH to United Arab Emirates Dirhams.
The United Arab Emirates is quickly becoming one of the most active cryptocurrency jurisdictions in the Middle East. In addition to making significant progress in providing a conducive and healthy business environment for crypto and blockchain firms, the UAE has made significant strides toward establishing an economy that supports Bitcoin and blockchain innovations. Dubai is currently at the forefront of global cryptocurrency adoption, and the education sector is the latest to join the trend.
Dubai-based Citizens School now accepts crypto
As digital asset firms continue to set up headquarters in Dubai in recent months, the government also continues in its efforts to increase its crypto adoption legislations. A local school has announced its intention to start taking cryptocurrency payments as tuition fees.
The move comes just weeks after Dubai enacted its first legislation to regulate digital assets, assuring investors of a secure and sophisticated legal framework. According to a local news source, Citizens, a new school in Dubai, will give parents alternative payment choices by accepting Bitcoin and Ethereum payments.
The Citizens School will open its doors to students in September 2022. According to Zawya, a local company will automatically change the crypto coins into UAE Dirhams.
Furthermore, it aims to offer economic growth according to the UAE Centennial 2071, mainly through world-class education for a diverse knowledge economy. The institution strives to make the Gulf country a worldwide leader in digital innovation and entrepreneurship. Consequently, the Citizens School aims to become the hub of innovative ideas and children-led innovation.
Dr. Adil Alzarooni, the Founder of Citizens School, stated, “A while ago, cryptocurrency was only a floating term among well-versed investors. However, today cryptocurrency is becoming much more mainstream, reshaping the traditional financial system. Similarly, Citizens is disrupting the education sector by re-imagining every element of the learning experience.” He added that the addition of digital asset payments should enhance the role of the younger generations in developing the country’s digital economy.
Accepting cryptocurrencies for tuition is still uncommon, and it has only recently become a trend. A few educational institutions have made the bold decision to accept cryptos as an alternative payment option. For example, the Wharton School of Business at the University of Pennsylvania has allowed students to pay for a blockchain course using Bitcoin, Ethereum, and The USD Coin (USDC) stablecoin.
The movement began in 2014 when King’s College became the first university in the United States to accept crypto as payment for tuition. Other educational institutions outside the United States have followed suit, including the European School of Management and Technology in Berlin and the Financial Business School in Paris.
Dubai takes center stage as a global crypto hub
Dubai is undoubtedly making progress toward becoming a new cryptocurrency center, with several crypto exchanges relocating their headquarters to the city. According to reports, Dubai has taken several pro-crypto steps. Granting Binance‘s top digital asset exchange a license ranks high on the list. Shortly afterward, rumors surfaced about FTX exploring the option to establish its regional headquarters in Dubai.
The number of trading platforms looking to emulate this move steadily increased over the following weeks, with the trend becoming more prevalent. The most recent companies to express their intentions were Bybit and Crypto.com. These crypto exchanges also aim to create regional headquarters in Dubai, similar to these other crypto exchanges.
📢 In an announcement with the UAE Ministry of Economy @Economyae at the World Government Summit, Bybit received in-principal approval to conduct virtual asset business & will be setting up our global HQ in Dubai!
— Bybit (@Bybit_Official) March 28, 2022
📲 Read more here: https://t.co/HXk2dwVCCQ pic.twitter.com/0J7HQ9kjqs
Dubai is a crypto haven with solid governance and a regulatory environment to foster the sector. Unveiled in March, the new crypto legislation will govern the regulation of crypto tokens, cryptocurrency governance and licensing, non-fungible tokens (NFTs), trading of digital assets, supervision and control, monitoring transactions, and more.
