Dubai has now moved towards another digital revolution. Now Dubai’s Residency Government Service Payment will now be able to make through cryptocurrency. This step has been possible under the partnership between Dubai Section of Finance and Crypto.com. The announcement was recently made public in Dubai Fintech Zenith, where officials described it as a big milestone in the direction of Dubai’s “Cashless Strategy”.
What is the outline of this new partnership?
Under this partnership, people living in Dubai their Crypto wallet Will be able to pay government fees, tax and other services using. After the payment, Crypto.com will immediately turn that crypto amount to Dirham (AED) to the government account. This process is designed in such a way that users will not have to worry about any additional exchange or conversion.
Dubai’s Cashless Technique and D33 Schedule
This initiative of Dubai is part of Financial Schedule D33, which aims to make Dubai a global innovation and technology hub. Under this target, City Administration wants 90% payment transactions (both government and private) to be cashless by 2026. Along with promoting digital payments, it is also being ensured that services are more efficient, fast and accessible.
What will be new and easy for users?
The new system will be completely user-friendly. Users will just have to pay with their crypto wallet and will handle the rest of the process in Crypto.com backnd. Neither long process, nor any exchange needs. With this, this system will not only be smooth and secure, but it will inspire people to use crypto.
Global model can become Dubai’s model
Crypto.com’s COO Eric Anziani praised this approach of Dubai Govt, saying that Dubai is actually a global visionary. He said that this step is implemented in a full-scale crypto payment in a public service system for the first time in Dubai, which can also become an inspiration for other countries. Likely Panama Crypto Payments officially adopted the world’s first city Bun, where now citizens will be able to pay taxes, fees and permits through Bitcoin, Ethereum, USDC and USDT. Cities like Dubai and Panama are showing how cryptocurrency can be converted into a relative payment tool by including the cryptocurrency in the government system.
What is learning for Republic of India and other countries?
This initiative of Dubai can become a role model for countries who are still in confusion about crypto. In countries like Republic of India, where digital payment (such as UPI) is already popular, it may be possible to bring Crypto into public use through the right regulation and partnership. This can adopt governments new technology, as well as increase transparency and efficiency.
Conclusion
The initiative of Dubai proves that governments can make technology a part of their system if they want, that too by improving the user experience. Dubai has opened a new path, introducing cryptocurrency into a new and relative form, a path that can lead the whole world to digital, cashless and fast future.
If this experiment is successful, then it will also give a message to other countries that Crypto can not just be a source of an investment, but also a complete payment system.
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