Dubai to Start Accepting Crypto Payments for Public Services
By: bitcoin ethereum news|2025/05/13 15:00:12
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Dubai pioneers global crypto adoption by enabling blockchain payments for services. Government aims for 90% cashless transactions by 2026 through stablecoin use. Crypto.com powers secure, regulated digital payments across all public sectors. Dubai is set to become the first government in the world to accept cryptocurrency payments for public services. In a major push toward digital finance, the city’s Department of Finance (DOF) has partnered with global exchange Crypto.com to support the Dubai Cashless Strategy, which encourages modern and inclusive payment systems across the emirate. Residents and businesses will soon be able to pay government fees using blockchain-based currencies. These payments will be converted into Emirati dirhams before transfer to the DOF’s accounts, making the process seamless and compliant with existing financial regulations. Building a Cashless Future: Dubai’s Strategic Vision The agreement was formalized during the Dubai FinTech Summit and highlights Dubai’s forward-thinking approach to innovation. The city aims to ensure that more than 90% of all public and private transactions go cashless by 2026. This transition could inject over AED 8 billion annually into Dubai’s economy. The DOF, under the leadership of Director General Abdulrahman Al Saleh, is spearheading this transformation. Ahmad Ali Meftah, Executive Director of Central Accounts, emphasized that the project is not just about convenience. It represents a step toward creating a sustainable, digital financial system for the city’s future. The integration is already underway, with technical teams working to make crypto payments available to individual users and businesses. Related: Maldives Signs a $9 Billion Blockchain Deal with Dubai, Bigger Than the Nation’s Entire GDP Crypto.com, licensed by the Virtual Assets Regulatory Authority (VARA), will be the technical provider for this project. The platform will handle all crypto transactions, ensuring they are secure and fully converted into dirhams. Significantly, the payment system will use stablecoins cryptocurrencies pegged to traditional currencies to reduce volatility. This ensures users can pay predictable amounts while the government receives fixed fiat values. Mohammed Al Hakim, President of Crypto.com UAE, noted that the implementation spans all government departments. This isn’t a pilot or limited program—it’s a comprehensive shift in how public services are paid for. Dubai Sets Global Example in Digital Finance and Blockchain Adoption While other countries are still exploring crypto regulations and digital payment frameworks, Dubai is moving ahead decisively. The presence of key officials like Abdulla Al Basti, Secretary General of The Executive Council, reflects strong government support. Related: Buyers Can Pay in Crypto at Trump Tower Dubai, Eric Trump Confirms Ahead of TOKEN2049 Dubai’s proactive strategy in financial technology could inspire other nations to explore blockchain-backed payment models. With robust regulation and innovation working hand-in-hand, the emirate continues to lead, setting details of Dubai’s plan to be the first government accepting crypto payments for the world to see. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company. Source: https://coinedition.com/first-government-to-accept-crypto-payments-dubai-rolls-out-new-system/
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