Arabian Business, a news outlet in Dubai reports that citizens schools, in the local area, are preparing themselves to take payments paid for tuition costs both in Bitcoin and Ethereum. The payments will be processed and facilitated by an unnamed processing platform and will automatically be converted to AED, the nation’s official currency.
Dr Adil Alzarooni, the founder of Citizens School, commented:
“We look forward to enhancing the role of young generations in achieving the UAE’s digital economy. As more people embrace the era of digitalization, today’s children will become the entrepreneurs and investors of tomorrow.”
The CEO of Citizens School, Hisham Hodroge, talked about how adding this function goes beyond simply adding another method of payment. It represents a drive to further utilise the power of blockchain. A technology that the school is keen to employ in future practices. Hodroge intends to use blockchain technology for a range of academic and admin purposes throughout the school.
This school will open this year, in September and will be located in the heart of Dubai and will be structured as an international school. Students can attend who are aged 3 to 11. The costs of this school will not be cheap (not surprisingly) with the cost ranging between $12-17k for one year’s worth of tuition. This doesn’t cover any additional costs.
In recent times the UAE has become a friend of crypto with a number of crypto regulations being accepted in the area. For example, both Binance and FTX have now received operational licenses in Dubai. While regulators in Abu Dhabi are making plans for the trading of nonfungible tokens.
