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The United Arab Emirates has been positioning itself as the next global crypto hub and has launched various initiatives to entice blockchain and crypto firms and encourage the use of digital currencies in the country. A school in Dubai is joining the government’s adoption efforts by announcing that it will accept Bitcoin (BTC) and Ethereum (ETH) as payments for tuition.
Citizens School will accept crypto as a mode of payment when it opens its doors in September 2022, according to Arabian Business. The school announced that it will accept Bitcoin (BTC) and Ethereum (ETH) payments, making it the first in the Middle East education sector to allow digital currencies as payment for tuition fees.
“A while ago, cryptocurrency was only a floating term among well-versed investors,” Citizens School founder Dr. Adil Alzarooni said. “However, today cryptocurrency is becoming much more mainstream, reshaping the traditional financial system.”
The school has partnered with an unnamed processing platform to process payments using cryptocurrencies. The platform will automatically convert BTC and ETH payments into United Arab Emirates Dirhams (AED).
“By introducing this new payment facility, we look forward to enhancing the role of young generations in achieving the UAE’s digital economy,” Dr. Alzarooni added. “As more people embrace the era of digitalisation, today’s children will become the entrepreneurs and investors of tomorrow.”
The move is also in line with the UAE’s goal of becoming a global crypto hub. The country wants to cement its position as a leader in the rapidly growing crypto market has now ballooned to a $1.9 trillion industry worldwide.
“Introducing the ability to pay tuition fees through cryptocurrencies goes beyond just providing another payment option,” Citizens School CEO Hisham Hodroge said. “It is aimed at creating an interest in growing trends and breakthrough technologies that will have a profound effect on the lives of young generations. It is also a means to further drive interest in the applications of blockchain – a technology that Citizens School intends to deploy, in time, across several aspects of its academic and administrative operations.”
Set to open in September, the school is located at the heart of Dubai and will accept students ages 3 to 11, according to Cointelegraph. On Its website, the school’s tuition range from 45,000 AED to 65,000 AED per year ($12,250 to $17,700) before VAT.
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