The Dubai government has signed an agreement with Crypto Excination Crypto.com to launch encryption payments for government services.
The agreement, which was added to the Dubai Fintech Summit on May 12, is part of Dubai’s non -monetary strategy, which hopes to enhance the city’s transition to a “full, non -cash community”, by presenting a “new digital payment channel through its official platforms”, the Ministry of Finance in Dubai (DOF) (DOF) (DOF) He said On May 12.
Once the service goes live, individuals and clients of businesses from government entities can pay the service fee using Crypto through Crypto.com digital portfolios. Payments will be converted to Dirhams and converted into DOF accounts, according to DOF.
Amna Mohammed Loveah, Director of the Digital Payment Systems Regulations, stated that the Dubai Plan is 90 % of financial transactions in the public and private sectors to be operated through non -cash methods by 2026.
She said: “We are confident that this teacher will greatly speed up the progress of Dubai’s non -cash strategy.” DOF was not specifically mentioned any encryption that will begin to accept it, but he said that payments can be made using “stable cryptocurrencies”, indicating that stability will be allowed. On April 28, on April 28, it announced a new plan to launch Dirham-PEGGD Stablecoin on April 28, a plan to launch a new plan from Dirham-PEGGECOCOIN. The city’s strategy was not cash first Declare In October 2024. At the time, DOF said 97 % of all government payments in 2023 were already digital. The strategy is also expected to add at least 8 billion dramas ($ 2.1 billion) to the economy, according to DOF, which is fueled by the development of financial technology services and the accelerated expansion of the Fintech sector in Dubai. Ahmed Ali Mounta, Executive Director of the Central Accounts Sector at DOF, said in a statement that the government is still actively developing an organizational framework “enhances innovation while ensuring the highest security and efficiency standards” in digital financial transactions. Dubai is a friend of encryption. The emirate hosted the Dubai edition of Token2049 between April 30 and May 1 this year. Related to: Dubai Government Agencies to link Real Estate Registry with Property Code Meanwhile, on March 19, the Dubai government began the experimental phase of a project to convert real estate assets into digital symbols on Blockchain. Other governments have also been offered using Crypto for payments. A New York legislator submitted legislation in April to allow state agencies to accept encryption payments. magazine: Defi will rise again after the death of Memecoins: Sasha Ivanov, X Hall of Flame
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