The Dubai government has signed an agreement with Crypto Excination Crypto.com to launch encryption payments for government services.
The agreement, which was added to the Dubai Fintech Summit on May 12, is part of Dubai’s non -monetary strategy, which hopes to enhance the city’s transition to a “full, non -cash community”, by presenting a “new digital payment channel through its official platforms”, the Ministry of Finance in Dubai (DOF) (DOF) (DOF) He said On May 12.
Once the service goes live, individuals and clients of businesses from government entities can pay the service fee using Crypto through Crypto.com Digital wallets. Payments will be converted to Dirhams and converted into DOF accounts, according to DOF.
Amna Mohammed Loveah, Director of the Digital Payment Systems Regulations, stated that the Dubai Plan is 90 % of financial transactions in the public and private sectors to be operated through non -cash methods by 2026.
She said: “We are confident that this teacher will greatly speed up the progress of Dubai’s non -cash strategy.”
Dof did not specifically give the blades that she would start accepting, but she said that payments can be made using “stable cryptocurrencies”, perhaps This indicates stablecoins It will allow.
The trio of leading institutions Abu Dhabi, including the sovereign wealth fund, On April 28, it was announced for a launch plan New Stablecoin Dirha-PEGGED.
Duiba strategy hopes to excite the high -tech sector
The city’s strategy was not cash first Declare In October 2024. At the time, DOF said 97 % of all government payments in 2023 were already digital.
The strategy is also expected to add at least 8 billion dramas ($ 2.1 billion) to the economy, according to DOF, which is fueled by the development of financial technology services and the accelerated expansion of the Fintech sector in Dubai.
Ahmed Ali Mounta, Executive Director of the Central Accounts Sector at DOF, said in a statement that the government is still actively developing an organizational framework “enhances innovation while ensuring the highest security and efficiency standards” in digital financial transactions.
Dubai is a friend of encryption. The emirate hosted the Dubai edition of Token2049 between April 30 and May 1 this year.
Related to: Dubai Government Agencies to link Real Estate Registry with Property Code
At the same time, on March 19, the Dubai government The pilot phase of the project started To convert real estate assets into digital codes on Blockchain.
Other governments have also been offered using Crypto for payments. A legislator in New York It made legislation in April To allow state agencies to accept encryption payments.
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