Dubai to Allow Crypto Payments for Government Services via Crypto.com

Dubai to Allow Crypto Payments for Government Services via Crypto.com

Dubai is making a significant move toward integrating cryptocurrencies into public finance, signing a partnership with Crypto.com to enable government service payments in digital assets. The Memorandum of Understanding, signed on May 12 during the Dubai Fintech Summit, outlines the use of the Crypto.com wallet to process transactions.

Payments will be automatically converted into dirhams (AED), eliminating volatility risk for public institutions. While the list of accepted coins has not been disclosed, authorities mentioned the use of "stablecoins", suggesting a conservative approach aimed at minimizing price fluctuation exposure.