A UAE University has announced that it has encountered a minor issue and will no longer accept payments of fees in cryptocurrencies for the foreseeable future. The Canadian University Dubai previously said it had teamed up with Binance to roll out the update. Unfortunately, according to the post made by the UAE university, they encountered a roadblock while trying to roll out the initiative, killing the excitement that came with the earlier announcement.
The UAE university blames technical issues
The UAE university looked interested in affording its students to offset their fees using cryptocurrencies. With the initiative, students from across the globe would have gotten easy access to courses and curriculum used in Canada. The school initially partnered with Binance Pay to launch the feature. Binance Pay is a payment channel developed by the crypto exchange Binance to help businesses and individuals offset payments using digital assets.
The school initially mentioned that teaming up with Binance allowed them to enter into the digital payment system. The students would have leveraged almost 200 different digital assets on the payment network to pay their fees if the update had been planned. In addition, the platform does not charge any fees for transactions using the gateway.
UAE residents thumb up the regulatory framework
Binance has partnered with the school, hosting a crypto workshop for interested students across the UAE university. In the workshop, officials from the exchange taught the students various topics in the crypto sector ranging from digital assets to blockchain and even the Web3 ecosystem. According to the records, the UAE university houses more than 1500 students locally and internationally, with at least one of them taking one out of the numerous undergraduate and postgraduate programs available. The payment information also shows that the students pay an average sum of $18,000 for tuition annually.
While Binance was still flirting with the school for a partnership, the UAE rolled out new rules and regulations to guide VASPs in the country. The regulatory framework has been applauded by all parties in the country, with most of them noting that it is a good initiative for everyone in the sector. A top blockchain lawyer also mentioned that regulatory certainty is good as the people have waited for a while for the government to roll out rules to help them and the sector.