The Dubai Treasury Department (DOF) plans to use crypto currencies to take action on payments for government services in the UAE. In the coming days, Dubai residents will be able to pay government services using currency currencies. On Tuesday, May 13, the DOF announced a partnership with Crypto.com, and boarded it as a crypto payment facilitator. Dubai officials look at the move as an important step towards pursuing their digital finance capabilities.
Senior DOF members were present during the MoU’s signature with Crypto.com. The development was announced on the occasion of the Dubai Fintic Summit. In that AnnouncementDOF said that Dubai is completely turning into a digital economy. The regulators there see crypto currencies as a safe and effective way to complete the financial settlements.
“Cooperation between public and private sectors plays an important role in the DOF, the executive director of the Central Accounts Sector, Ahmad Ali Mutta, said. Through strategic partnerships, we are dedicated to establishing a sustainable financial model that empowers individuals and businesses,” said Ahmad Ali Mutta.
Is in align with the move Dubai Cashless Strategy It was announced last year, in which Dubai aims to digest 90 % of all transactions. The move is expected to increase the annual economy by at least eight billion (about Rs 18,582 crore).
“The UAE is strengthening its position through the deployment of the latest safe financial technology solutions, which supports its cashless strategy, smooth official transactions, and promotes financial services,” said Abdullah Mohammed al -Baasti, secretary general of the Executive Council of Dubai.
In March 2022, Dubai established a regulatory body called Virtual Asset Regulatory Authority (VARA) to monitor the web 3 industry. Due to a legal explanation around the Web 3 in Dubai, several crypto firms reached the region to expand their business.
For example, Singapore’s Headquarters Crypto Exchange, Crypto.com, announced his Dubai office in 2022. Now, as part of your contract with the DOF, the exchange plan is to provide the “first comprehensive and comprehensive government of the digitalization of the digitalization”.
“We are proud that we will be selected as part of the move to support the Dubai Treasury Department as part of the move,” said Crypto.com president and COO Eric Enziani.
However, this is not the first step in the United Arab Emirates, which aims to eliminate the gap between web 3 and traditional finance.
In February, the United Arab Emirates Ministry of Energy and Infrastructure (MOEI) signed an MoU with Sheba Ano to deploy the Shibus operating system for government activities in the United Arab Emirates.
Dubai also intends to find AI -based solutions, along with contractless technologies such as crypto currencies.