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A Dubai school now accepts Bitcoin and Ethereum for fee payments

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Following the Dubai Government’s passage of a law governing virtual assets, The first school in the world to accept payments in Bitcoin and Ethereum for fee. Citizen School is moving toward crypto payment methods to give investors a secure and sophisticated legal mechanism.

The first school of its kind in the Middle East’s education sector to accept cryptocurrency payments for tuition fees is Citizens School, an educational organization with roots in the UAE.

Bitcoin (BTC) and Ethereum, the two most popular cryptocurrencies, will be accepted as payment for Citizens School, which is expected to start in September 2022. (ETH).

The school wants to give parents as many flexible payment alternatives as it can. In addition, Citizens School will provide monthly interest-free payment plans and more conventional payment options.

school cryptocurrency payments

Education-related cryptocurrency payments

According to the school, cryptocurrency payments will be accepted through a collaboration with a digital currency company that handles cryptocurrency payments and instantly transforms them to dirhams (AED).

Adil Alzarooni, the creator of Citizens School, remarked in an interview with the Middle Eastern publication Zawya,

A while ago, cryptocurrency was only a floating term among well-versed investors. However, today cryptocurrency is becoming much more mainstream, reshaping the traditional financial system.

By introducing this new payment facility, we look forward to enhancing the role of young generations in achieving the UAE’s digital economy. As more people embrace the era of digitalization, today’s children will become the entrepreneurs and investors of tomorrow

Adil Alzarooni, the creator of Citizens School.
Adil Alzarooni
Adil Alzarooni, the creator of Citizens School

In addition to establishing an independent agency to supervise cryptocurrency regulation, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum approved a new law governing virtual assets earlier this month. The Dubai-based Virtual Asset Regulatory Authority (VARA) will categorize virtual assets and put up measures to keep an eye on the market for digital assets. By levying penalties and suspending enterprises, VARA will also assist in penalizing those who break the new legislation.

According to the regulation, Dubai citizens must first register with VARA before engaging in crypto-related activity. Before VARA, companies that deal with virtual assets—such as exchanges and transfers of cryptocurrencies—will also need to identify themselves.

Dubai Crypto Future Discussions

As the market capitalization of cryptocurrencies surpasses $1.9 trillion, Citizens School works to support the UAE’s ambition of becoming a hub for the cryptocurrency industry by assisting in the country’s establishment as a leader in the global digital economy.

It also aims to deliver growth in line with the UAE Centennial 2071, especially through offering top-notch education for a variety of knowledge-based industries. The school wants to serve as a hub for kid-led innovation and business initiatives.

Through its specially developed curriculum, the Citizens education experience is focused on preparing students for the future by providing them with a rich, connected bank of information and skills essential for the 21st century.

Publish Date: March 3 2022

Source: https://www.arabianbusiness.com/industries/education/dubais-citizens-school-accepts-tuition-fees-in-bitcoin-and-ethereum-payments-as-crypto-enters-middle-east-education-sector

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