Schools In United Arab Emirates Plan To Accept Cryptocurrency Payments

Schools in Dubai accept crypto payments. (Unsplash)

JAKARTA – A school in Dubai, United Arab Emirates, plans to accept cryptocurrency for the purpose of paying tuition fees. Later, the accepted cryptocurrencies are Bitcoin (BTC) and Ethereum (ETH).

According to local media Arabian News, Citizens School located in Dubai will accept payment of tuition fees in the form of BTC and ETH. The payment uses an unnamed processing platform that facilitates the use of the digital asset to be converted into United Arab Emirates Dirham (AED).

Citizens School Founder Dr. Adil Alzarooni hopes that this will increase the role of the younger generation in achieving the country's digital economy. Furthermore, he also hopes that today's children can become big investors in the future.

"We hope to increase the role of the younger generation in achieving the UAE's digital economy. With more and more people embracing the digitalization era, today's children will become tomorrow's entrepreneurs and investors," said Azarooni.

On the other hand, Citizens School CEO Hisham Hodroge said that cryptocurrency payments are not simply providing another payment option. "Introducing the ability to pay tuition fees via cryptocurrency goes beyond providing other payment options. It is a means to drive further interest in blockchain applications, a technology that Citizens School intends to deploy, in due course, across some aspects of its academic and administrative operations, ' said Hodroge.

Citizens School itself is scheduled to open in September this year and is located in the heart of Dubai. This school provides education for ages 3 to 11 years. The cost for studying at Citizen School Dubai itself is 45,000 AED to 65,000 AED (Rp. 175.8 million to Rp. 253.9 million) before VAT, school lunches, mandatory iPad for study, travel, extracurricular activities, and transportation.

The United Arab Emirates has become a Middle Eastern country that supports digital assets and issues a lot of crypto-friendly regulations. Most recently, Binance and FTX have received operating licenses in Dubai. In addition, regulators in Abu Dhabi also launched a draft recommendation for Non-fungible Token (NFT) trading.