- Dubai’s Department of Finance partners with Crypto.com to accept cryptocurrency payments for government services.
- Payments will be converted to dirhams and transferred to Dubai Finance accounts.
- The initiative is part of Dubai’s Cashless Strategy, aiming for 90% cashless transactions by 2026.
Dubai is pushing forward with its vision of becoming a global digital finance leader. It aims to achieve this by allowing cryptocurrency payments for government services.
The implementation of this system will help Dubai reach its ambitious goal of 90% cashless transactions by 2026. Furthermore, it is expected to boost the local economy by at least Dh8 billion annually.
Dubai’s Cashless Vision Gets a Boost with Crypto.com Partnership for Government Payments
Dubai’s Department of Finance (DOF) has partnered with Crypto.com to accept cryptocurrency payments for government services. This agreement, finalized during the Dubai FinTech Summit, is a key part of the city’s digital transformation agenda. Moreover, it allows individuals and businesses to make payments using digital wallets from Crypto.com. The funds are then converted to Emirati dirhams and processed securely.
This move supports the Dubai Cashless Strategy, which targets achieving 90% cashless transactions across both public and private sectors by 2026. The initiative is expected to have a significant economic impact. It will contribute Dh8 billion annually to the local economy. The integration of cryptocurrency into government payments marks a major leap. It enhances Dubai’s drive to become a global hub for financial innovation.
The collaboration also represents a strategic push to further strengthen Dubai’s fintech sector. This effort enables the emirate to remain competitive in the rapidly evolving global financial landscape. With its regulatory framework and commitment to cutting-edge technology, Dubai continues to set a global benchmark. It is leading in economic and financial advancements.
Crypto.com’s involvement brings a secure and reliable payment solution. It provides both residents and businesses with an alternative, modern way to conduct transactions. This partnership is a pivotal step in Dubai’s mission to digitalize its economy. Hence, it solidifies its position as a leader in digital finance worldwide.
Dubai’s partnership with Crypto.com highlights the city’s commitment to becoming a global digital finance leader. This is achieved by embracing cryptocurrency for government transactions. This step is crucial for achieving its cashless future.
“We are honoured to support Dubai’s Department of Finance in implementing the first comprehensive, government-wide digitisation of payments.” – Eric Anziani, President and COO of Crypto.com
