The most populated city in the United Arab Emirates will have the first school in the country that accepts cryptocurrencies to pay tuition fees.
With the UAE becoming one of the blockchain hot spots that are swiftly adopting cryptocurrencies and digital finance technologies, top coins like BTC and ETH might become an alternative currency within the country.
According to a local news report, one learning institution in Dubai called Citizens School, which has yet to open, will offer parents to pay for their children’s tuition fees in Bitcoin or Ethereum.
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Founder of Citizens School Dr. Adil Alzarooni spoke on cryptocurrencies becoming more mainstream, highlighting the future of finance, and how people must adapt to the upcoming changes. He added:
"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."
This will make it the first educational establishment in the Middle East to offer such services.
Interestingly enough, a representative at the Citizens School told reporters at the news agency that all the received cryptocurrencies will be instantaneously converted into Dirhams, which is the local fiat currency.
The decision might have stemmed from Dubai’s recent approval of several crypto exchanges to operate in the city. A few weeks ago, FTX Europe secured a financial license in Dubai, while, just yesterday, Bybit and Crypto.com have announced that they will be setting up headquarters in the Middle Eastern city.
