Dubai School To Accept Tuition Fees In Bitcoin And Ethereum Report

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Bitcoin and Ethereum
Bitcoin and Ethereum

Dubai’s local school said that it is considering accepting Bitcoin and Ethereum tuition payments, making it the first in the Middle East to do so.

According to a statement from the school, Citizens School, which is set to open in September 2022 and follows Dubai’s recent adoption of its first law regulating virtual assets, will accept payments in the two major cryptocurrencies, Bitcoin and Ether, providing parents with flexible payment options.

Cryptocurrency payments will be accepted through a partnership with a digital currency company that processes cryptocurrency payments and converts them to Dirhams (AED), according to the school.

Adil Alzarooni, the founder of Citizens School, told Zawya, a Middle Eastern news source,

“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.”

Crypto Will Pay School Fees Now

By introducing this new payment facility, we look forward to enhancing the role of young generations in achieving the UAE’s digital economy.

As more people embrace the era of digitalization, today’s children will become the entrepreneurs and investors of tomorrow,” he added.

Sheikh Mohammed bin Rashid Al Maktoum, Bitcoin and Ethereum the UAE Prime Minister, signed a new law regulating virtual assets earlier this month, as well as establishing an independent agency to supervise the crypto space’s governance.

Dubai’s Virtual Asset Regulatory Authority, or VARA, will identify virtual asset categories and establish procedures to supervise the digital asset market.

With its authority to impose penalties and suspend firms, VARA will also play a role in penalizing those who break the new legislation.

Conclusion

The law requires Dubai citizens to register with VARA first before engaging in crypto-related activities. Businesses dealing with virtual assets like crypto exchanges and transfers will also have to identify themselves before VARA.

Read More: PRCH Up +1,510.32%, BTC +1.14%, Power Cash Is The Coin Of The Day – Daily Market Update For Mar 29, 2022

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