A Dubai school now accepts bitcoin and Ethereum for fee payments. Citizen School's move toward crypto payment options follows the Dubai Government's adoption of a law regulating virtual assets, ensuring investors have a safe and advanced legal framework...
First School in the world who accepts Bitcoin and Ethereum for Fee payments
As cryptocurrency enters the education sector, a Dubai school now accepts bitcoin and Ethereum for fee payments.
Citizen School's move toward crypto payment options follows the Dubai Government's adoption of a law regulating virtual assets, ensuring investors have a safe and advanced legal framework.
Citizens School, a UAE-based educational institution, will accept cryptocurrency as a form of payment, making it the first of its kind in the Middle East education sector to accept digital currency payments for tuition fees.
Citizens School, which is scheduled to open in September 2022, will accept payments in the two major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH).
The school intends to offer parents payment options that are as flexible as possible. This is in addition to the traditional payment methods and interest-free monthly payment plans that Citizens School will provide.
Crypto payments in the education sector
Cryptocurrency payments will be accepted through a partnership with a digital currency platform that processes cryptocurrency payments and automatically converts them to Dirhams (AED), according to the school.
Speaking to Middle East based outlet Zawya, Adil Alzarooni, the founder of Citizens School, said,
"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 digitalisation, today's children will become the entrepreneurs and investors of tomorrow," he added.
Earlier this month, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law governing virtual assets, as well as establishing an independent body to oversee crypto governance. The Virtual Asset Regulatory Authority (VARA) of Dubai will classify virtual assets and establish controls to monitor the digital assets sector. VARA will also play a role in punishing violators of the new laws through the imposition of fines and the suspension of businesses.
Before engaging in crypto-related activities, Dubai residents must first register with VARA, according to the law. Businesses that deal with virtual assets, such as cryptocurrency exchanges and transfers, will also need to identify themselves before VARA.
Crypto Future Talks in Dubai
Citizens School strives to help cement the UAE as a leader within the global digital economy, in line with the country's goal of becoming a global hub for cryptocurrency as market capitalisation reaches $1.9 trillion.
Furthermore, it intends to deliver growth that is consistent with the UAE Centennial 2071, particularly by providing an excellent education for a diverse knowledge economy. The school aspires to be a hub for entrepreneurial ideas and child-led innovation.
The CEO of the Citizens School, Hisham Hodroge, said: “ Introducing the ability to pay tuition fees through cryptocurrencies goes beyond just providing another payment option.
“It is aimed at creating an interest in growing trends and breakthrough technologies that will have a profound effect on the lives of young generations. It is also a means to further drive interest in the applications of blockchain – a technology that Citizens School intends to deploy, in time, across several aspects of its academic and administrative operations.”
The Citizens schooling experience centres around future-proofing students by equipping them with a rich, connected bank of knowledge and skills relevant for the 21st century, through its custom-built curriculum – Citizens Tapestry.
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