Canadian University Dubai Failed To Accept Course Payment In Crypto Due To Technical Barriers

Canadian University Dubai (CUD) announced its partnership with Binance Pay. (photo: twitter @CUDUAE)

JAKARTA - Just 24 hours after Canadian University Dubai (CUD) announced its partnership with Binance Pay to accept course fees paid in cryptocurrency, a technical hurdle dampened the enthusiasm behind this short-lived initiative.

CUD, a private university in Dubai, seems interested in enabling domestic and international students to pay their tuition and course fees in cryptocurrency. This initiative will enable students from diverse backgrounds to easily access the Canadian curriculum in Dubai.

Dear CUD Community,

For technical reasons, CUD will not be accepting cryptocurrency as a method of payment, until further notice.

We apologize for any inconvenience. pic.twitter.com/b9rERYHR7g

— CUDubai (@CUDUAE) February 10, 2023

Binance Pay, a payment gateway service launched by cryptocurrency exchange Binance, allows businesses to integrate support for cryptocurrency payments. According to the university's initial announcement, the partnership with Binance will allow the institution to "adjust to the changing digital payments space".

Binance Pay supports over 200 cryptocurrencies, including Bitcoin, Dogecoin, and Ether, and does not charge per transaction. On February 7, Binance hosted a cryptocurrency workshop and information session for CUD, where students were taught the basics of blockchain and cryptocurrency, Web3, and the metaverse.

As shown above, CUD is home to more than 1800 domestic and international students - enrolled in one of 25 undergraduate and six postgraduate programs - who pay an annual fee of USD 18,000 (Rp 272 million).

Canadian University Dubai has not yet responded to Cointelegraph's request for comment.

On February 7, as Binance seeks to work with CUD, Dubai released its cryptocurrency regulations for virtual asset service providers (VASPs). The Virtual Asset Regulatory Authority issues its Full Market Product Regulations, which include four mandatory rulebooks and an activity-specific rulebook that sets out the rules for VASP operations.

"Regulatory provisions have been very good for businesses. It has been good for consumers, investors and the Emirate of Dubai. Regulation has been long awaited and for the most part well-received," Irina Heaver, a United Arab Emirates-based crypto and blockchain attorney, told Cointelegraph.