Dubai Finance (DOF) has partnered with trading platform crypto.com to allow payment of government service fees using cryptocurrencies. The agreement was formalized at the ongoing Dubai FinTech Summit and showcases Dubai’s advancing digital finance landscape.
Once the services begin, individuals and businesses who are customers of government entities will be able to pay their service fees through Crypto.com’s digital wallets. The platform will then convert these payments into Emirati Dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework, a press release explained.
The goal is to move towards a more cashless strategy by enabling secure, efficient and inclusive financial transactions through cryptocurrencies. The Dubai Cashless Strategy is expected to drive economic growth by adding at least AED 8 billion annually to the economy.
Speaking about the move, Eric Anziani, President and COO of Crypto.com, said, “The Government of Dubai has been a true global visionary with its plans for a cashless society. As part of this initiative, which will see Crypto.com enable the delivery of the first comprehensive and holistic government-wide implementation of payment digitisation.”
The move paves the way for Dubai’s transition to a fully digital, cashless society by introducing this new digital payment channel that can be used across official platforms. It also comes on the back of last week’s decision between state-owned petroleum company Emarat and Crypto.com allowing customers to pay for fuel with cryptocurrency.
