Dubai to Accept Payments Via Crypto, Partners with Crypto.com, Bitcoin

Crypto’s segment has increased rapidly over the years. Payments are also being accepted in cryptocurrency in some countries. Dubai, popular for tourism and shopping, has also prepared to allow cryptocurrency for payments. For this, Dubai Department of Finance (DOF) has tied up with Crypto.com.

However, this facility will be started with payments in Crypto for services to be provided by the government. During Dubai Fintech Summit, Doff with Crypto.com Agreement Has signed DOF reported that Dubai is being converted into a completely digital economy. Dubai’s regulators see cryptocurrency as a safe and effective way for financial settlements. Last year, Dubai announced a cashless strategy. Under this, about 90 percent of all transactions in Dubai will be digitized.

About three years ago, Dubai created the Virtual Assets Regulatory Authority (VARA) to monitor the web3 industry. Many international companies associated with the Crypto segment have started their offices in Dubai to increase their business. Recently, Bhutan also announced the launch of the crypto payment system. For this, one of the large crypto exchanges has been tie-up with a binance.

The objective of this decision of Bhutan is to protect tourists from complications such as currency exchange rates and low availability of international cards and provide easy means of payments. In the economy of Bhutan, the income from tourism has a major contribution. Tourism flight tickets going to this neighboring country of India will be able to make payments in Crypto for visiting hotels, tourist destinations and shopping. For this, Bhutan’s first fully Digital Bank – DK Bank and Binance have tied up. To use this facility, tourists have to sign on the app of Binance. Under this system, conversion will be provided by DK Bank in general currency from Crypto. In this, payments will be accepted in more than 100 cryptocurrency including Bitcoin.