Dubai-based Civic School became the first school in the Middle East to accept cryptocurrencies. The school works with a cryptocurrency platform that converts a BTC and ETH into dirhams.
The United Arab Emirates is quickly becoming one of the most active cryptocurrency jurisdictions in the Middle East. The UAE has made significant progress in developing a variable and healthy business environment for cryptocurrency and blockchain companies, as well as making great strides in creating a Bitcoin and Blockchain friendly environment. Dubai is currently at the forefront of adoption of a new global cryptocurrency in the education sector.
Dubai Civic Schools Begins Accepting Cryptocurrency
After several digital asset companies set up headquarters in Dubai in recent months, the government is aiming to increase adoption of cryptocurrencies through a variety of methods. Local schools has announced that they will start paying their tuition in cryptocurrency.
This comes just comes weeks after Dubai enacted its first legislation regulating digital assets to ensure investor safety and a complex legal framework.
According to local sources, Citizens, a new school in Dubai, will accept Bitcoin and Ethereum payments, giving parents an alternative payment option.
The Civic school will welcome students in September 2022. According to Zawya, local companies automatically convert cryptocurrencies into dirhams.
In addition, to celebrate the 100th anniversary of the UAE's founding in 2071, it aims to promote economic growth by providing world-class education for a diverse knowledge economy. The institution is committed to making the Gulf Nation a global leader in digital transformation and entrepreneurship. The goal of Civic School is therefore to be a place where innovative ideas and child-led innovation can grow.
Citizens school's founder, Dr. Adil Alzarooni said, "Not long ago, cryptocurrency was a buzzword among sophisticated investors. But today, cryptocurrencies have gone mainstream, reshaping the traditional financial system.
Similarly, Citizens is making Disrupting Education. We can expand this sector by reimagining every element of the learning experience." He added that increasing payments for digital assets should strengthen the role of younger generations in developing in country's digital economy.
Taking tuition in cryptocurrency is still rare and has only recently become a trend. Some educational institutions have made the bold decision to accept cryptocurrencies as an alternative payment method. For example, the Wharton School at the University of Pennsylvania allows students to pay blockchain prices using Bitcoin, Ethereum, and USDC (USD Coin) stable-coins.
The move began in 2014 when King's College became the first US university to accept cryptocurrency as tuition. Other educational institutions outside the United States followed suit, including the European School of Management and Technology in Berlin and the Business School of Finance in Paris.
Dubai centered as a global cryptocurrency hub.
There is no doubt that Dubai is making progress towards becoming a new cryptocurrency hub, with several cryptocurrency exchanges looking to relocate their headquarters to the city.
According to the report, Dubai has already taken several steps to support cryptocurrencies. The city is the first to license Binance to the best digital asset exchange. It wasn't long before rumors circulated that FTX would set up a regional headquarters in Dubai.
This trend has become even more pronounced as the number of trading platforms willing to follow the move increases over the next week. The most recent companies to demonstrate this intention are Bybit and Crypto.com. These cryptocurrency exchanges, like other cryptocurrency exchanges, aim to establish a regional headquarters in Dubai.