Dubai works together with the Exchange Crypto.com to accept digital assets for government costs.
The Department of Finance (DOF) of the Emiraat has signed the Memorandum of Understanding (MOU) with the crypto company as part of the current ‘cash strategy’.
By next year, Dubai wants to carry out more than 90% of the financial transactions in both public and private sectors via Cashless methods.
When the agreement has been completed, individual and business customers of the government entities of the Emiraat service costs can pay via the digital portfolios of Crypto.com, according to a new press release. Crypto.com will convert the crypto payments into Emirati Dirhams and transfer them to DOF accounts.
Dubai has positioned itself as a crypto-friendly jurisdiction, with the emirate organizing the Binance Blockchain week in December.
Ahmad Ali Meftah, executive director of DOF of the Central Accounts sector, says that the Crypto.com partnership is part of the emirate’s efforts to evolve into a worldwide hub for digital payments.
“We are actively developing an advanced regulatory framework that promotes innovation and at the same time guarantees the highest standards for security and efficiency in digital financial transactions. This improves customer trust in Dubai Government Services and unlocks new opportunities for economic growth. Through strategic partnerships we continue to work in the financial model that is a leadership in the financial model and companies in the financial model and companies and companies and companies and companies and companies and and companies and companies and and companies and and companies and companies and and companies and companies and and companies and companies and companies and and companies and companies and companies and and companies and In financial technology. ”
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