Dubai will become one of the world’s first governments to fully enable crypto payments for public services, following a groundbreaking agreement signed between Dubai’s Ministry of Finance and crypto.com.
The memorandum, released at the Dubai FinTech Summit on May 12, outlines a plan for a secure digital payment channel that allows individuals and businesses to pay government fees using cryptocurrency wallets.
According to Crypto.com, these payments will be converted to Emirati Dirhams, transferred to your DOF account and then transferred to your DoF account, taking a major step in implementing your Dubai cashless strategy.
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Dubai as a crypto hub
This initiative is part of Dubai’s broader ambition to establish itself as a global hub for financial innovation. The city’s cashless strategy aims to migrate more than 90% of financial transactions in both the public and private sectors to digital methods by 2026.
According to DOF, adoption of blockchain-enabled payments could contribute at least 8 billion a year to the local economy by driving fintech growth and streamlining financial services.
The agreement, which the authorities described as the first kind at the government-wide level, goes beyond pilot programs in other jurisdictions, integrating crypto payments directly into Dubai’s digital infrastructure.
Once the technical integration is complete, users will be able to access the services through Crypto.com wallets, allowing seamless and secure crypto transactions across all participating government agencies.
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