Like many countries around the world, Dubai has not escaped the growing dominance of cryptocurrency. Digital currencies are increasingly used as currency. A growing number of commercial entities accept them as payment for their products or services.
Training establishments are also following the wave. Like Citizens School, which decided to authorize crypto-currencies as a method of payment for tuition fees. This is a great first in the cryptosphere.
Citizens School as a symbol of innovation in the Middle East
Citizens School is a school dedicated to children from 3 to 11 years old. This establishment will open its doors in September 2022. Its founder, Dr. Adil Alzarooni, affirmed that it will be a flagship institution in terms of digitization in the Middle East. By the way, Citizens School will be the first school to accept cryptocurrencies as a student fee payment solution.
Of course, the institution also accepts traditional payment methods. But it also offers virtual currencies as alternatives. This initiative was encouraged following the passage of the first law regulating digital assets in Dubai. As a result, parents of students benefit from a safe, reliable and legal legal framework.
According to the school’s CEO, Hisham Hodroge, paying in virtual currencies is not limited to simply diversifying payment methods. Indeed, it is also a question of gradually familiarizing the general public with crypto-currencies and blockchain technology.
For your information, Citizens School will be a fully equipped school from a technological point of view . For example, the use of an iPad for learning is mandatory. Educational outings will be regularly organized, including extracurricular activities. Tuition fees are estimated between AED 45,000 and AED 65,000 per year, which is $12,250 and $17,700 respectively.
Bitcoin and Ethereum available, but more soon
At the moment, only Bitcoin and Ethereum are the cryptocurrencies authorized in the payment method of Citizens School. This choice turns out to be normal, given that they are the two most important and well-known currencies on the market. These digital currencies have proven themselves over the years.
However, the future can only be bright for cryptocurrencies in general in the UAE. Indeed, the country aims to become one of the major centers for digital currencies in the years to come. The implementation of the new regulations is a major step forward.
In addition, large institutions such as Binance have been quick to set up shop in Dubai. The largest crypto exchange in the world obtained its operating license on Arab soil in March 2022. Similarly, the Bybit platform announced towards the end of March 2022 the transfer of its headquarters to Dubai.