A local school in Dubai announced that it is considering accepting Bitcoin and Ether as payments for tuition, making it the first school in the Middle East to do so. Citizens School, which is set to open in September 2022 and is following Dubai’s recent adoption of its first law regulating virtual assets, will accept payments in the two major cryptocurrencies, namely Bitcoin, and Ether, providing parents with flexible payment options, according to a statement from the school.
Payments using cryptocurrencies will be accepted through a tie-up with a digital currency platform that processes cryptocurrency payments and automatically converts them to Dirhams (AED), the school said.
Speaking to Middle-East based outlet Zawya, Adil Alzarooni, the founder of Citizens School, said, “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.”
“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 digitalisation, today’s children will become the entrepreneurs and investors of tomorrow,” he added.
Earlier this month, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law for virtual assets while also establishing an independent body to oversee the governance of the crypto space. Called VARA, Dubai’s Virtual Asset Regulatory Authority will classify the types of virtual assets and set controls to monitor the digital assets sector. VARA will also play a role in punishing the violators of the new laws with its authority of imposing fines and suspending businesses.
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.