Dubai said the partnership will go a long way to achieve its goal of getting 90% of financial transactions fueled by cashless technology by 2026.
The government of Dubai has signed an agreement with crypto exchange Crypto.com to launch crypto payments for government services.
The agreement, formalized during the Dubai fintech Summit on May 12, is part of Dubai’s cashless strategy, which hopes to foster the city’s transition to “a fully digital, cashless society,” by introducing “a new digital payment channel across its official platforms,” the Dubai Department of Finance (DOF) said on May 12.
Once the service goes live, individuals and business customers of government entities can pay service fees with crypto through Crypto.com’s digital wallets. The payments will be converted into dirhams and transferred to DOF accounts, according to the DOF.
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