Last Updated on January 31, 2024 by Ameer Hamza
Blockchain has had an influence on a variety of industries, including education. The education industry was keen to adapt to digitalization during COVID-19. Education is a field where cryptocurrency is still just getting started, and Dubai school becomes the middle east’s first to accept payments or tuition fees in BTC and ETH. Cryptocurrency adoption in schools is still in its early stages because only a few institutions have implemented the technology.
Schools and institutions can benefit considerably from cryptocurrency as it has the potential to transform the educational industry. Dubai has established comprehensive and beneficial cryptocurrency legislation, resulting in a recent increase in the acceptance of virtual assets. Upon opening in 2022, the Dubai school will be the first to offer this option in the Middle East.
Undoubtedly, the UAE is on the verge of becoming a new crypto powerhouse. Numerous digital currencies platforms are considering relocating their headquarters to the UAE. Bybit and Crypto.com, two cryptocurrency exchanges, announced on Monday that they will open regional offices in Dubai. Dubai already has Binance and FTX, two crypto exchanges that have been granted licenses to operate in the city.
Dubai as a crypto hotspot has proved favorable for the growing digital currency sector as it has established a strong governance and regulatory environment. Crypto tokens will be regulated, governed, and licensed, NFTs will be supervised and controlled, and transactions will be monitored, according to the updated cryptocurrency law, which was announced earlier this month.
Citizens School, a UK curriculum designed by Al Zarooni Emirates Investments, will take cryptocurrency as a school fee when it opens in September. Parents will be able to pay in Bitcoin and Ethereum at the Dubai school. The Citizens School hopes to be the Middle East’s first school that allows students and parents to use cryptocurrency. A digital currency platform will be used to process cryptocurrency payments, which will automatically convert the crypto payment into UAE dirhams.
School officials haven’t revealed which digital currency platform is going to process payments. Digital currencies are becoming more widely adopted and regulated in Dubai, as evidenced by the move of Citizens School. On the 43,000-square-metre campus, there are classrooms for 2,600 students ranging from three to 18 years of age. The fees vary from Dh 36,000 for the first year to Dh 52,000 for the sixth year.
Citizens School intends to take tuition fees in cryptocurrency using a crypto payments platform. It will ease the school’s process of receiving crypto payments and converting them into fiat currencies, like UAE Dirhams. Citizens School’s chief executive, Hisham Hodroge, stated that allowing tuition fees to be paid through cryptocurrencies does more than just offer another payment option. Its goal is to arouse the public’s curiosity about emerging trends and game-changing technology that will have a significant impact on the lives of future generations.