Dubai taps Crypto.com to enable crypto payments for govt services
Image Credit: cointelegraph- The Dubai government signed an agreement with Crypto.com to introduce crypto payments for government services as part of its cashless strategy.
- This initiative aims for 90% of financial transactions in Dubai’s public and private sectors to be cashless by 2026, using stable cryptocurrencies likely including stablecoins.
- Payments made through Crypto.com’s wallets will be converted to dirhams and credited to Dubai’s Department of Finance accounts.
- The move supports Dubai’s ambition to expand its fintech sector and aims to add $2.1 billion to the economy, while a regulatory framework for crypto is being developed to ensure security and innovation.
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