The Emirati city will allow cryptocurrency payments in the public sector through a partnership with Crypto.com.
On May 12, during the Dubai Fintech Summit organized by the Dubai International Financial Centre (DIFC), the country’s government signed a Memorandum of Understanding (MoU) between Dubai Finance (DOF) and Crypto.com. The agreement will allow citizens and businesses to pay for government services using cryptocurrencies. The emirate’s official media office highlighted that the collaboration represents “an important step forward in the development of global digital finance.”
The system will use Crypto.com wallets to convert cryptocurrency payments into dirhams (AED), the official currency of the United Arab Emirates. These funds will then be transferred directly into Dubai Finance’s accounts. Although the specific cryptocurrencies to be accepted have not been disclosed, the statement mentioned that “stable cryptocurrencies” will be used for transactions.
The initiative is part of the broader Dubai Cashless Strategy, launched last October. The strategy aims to strengthen Dubai’s global position by facilitating secure and efficient financial transactions in both the public and private sectors.
The official statement emphasized that “the Dubai Cashless Strategy is expected to stimulate economic growth by adding at least 8 billion AED annually to the economy, fueled by the development of a wide range of innovative financial technology services and the accelerated expansion of Dubai’s fintech sector.”
