The Dubai Department of Finance (DOF) has signed a Memorandum of Understanding with the cryptocurrency trading platform Crypto.com, which envisions the future implementation of cryptocurrency payments for government services. The signing took place during the participation of DOF and Crypto.com in the Dubai FinTech Summit.
The partnership supports the implementation of the Dubai Cashless Strategy and paves the way for the creation of a fully digital, cashless society by enabling the Dubai government to launch a new digital payment channel across its official platforms. This initiative will provide convenient and secure payments for government services using stable cryptocurrencies, further strengthening Dubai’s position as a global hub for financial innovation.
The cashless strategy is expected to boost Dubai’s economic growth. Once all technical preparations are complete, individuals and businesses will be able to pay for government services using Crypto.com’s digital wallets. The platform will securely convert cryptocurrency into UAE dirhams and transfer the funds to DOF accounts, ensuring an innovative, convenient, and reliable payment system.
