Citizens School, an educational institution in Dubai, has become the first school in the Middle East to accept cryptocurrencies as payment for tuition fees.
Citizens School to Accept Crypto Payments
According to a press release on Monday, Citizens School said that starting September 2022, it would expand its payment options so that tuition fees can be paid through bitcoin and ether in addition to its traditional fiat. The move provides parents with flexible payment options.
The development comes after the school partnered with a digital currency platform that processes crypto payments and automatically converts them into fiat currency.
Dubai Plans to Become a Crypto Hub
Citizens School’s crypto adoption follows the Dubai government’s recent establishment of its first law regulating virtual assets and a regulatory body dubbed the Virtual Assets Regulatory Authority (VARA) that oversees the country’s cryptocurrency sector.
In a press release, the school said it aims to help cement the United Arab Emirates (UAE) as a leader within the global digital economy. Citizens School said it seeks to become a hub for entrepreneurial ideas and child-led innovation.
When sharing the institution’s drive for cryptocurrency mainstream adoption, Hisham Hodroge, the chief executive of Citizens School, noted that introducing the ability to pay tuition fees through crypto assets 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,” he said.
Dr. Adil Alzarooni, the founder of Citizens School, spoke further on how cryptocurrency adoption has reshaped the traditional financial system and how Citizens School strives to position itself.
“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 digitalization, today’s children will become the entrepreneurs and investors of tomorrow,” he said.
Will other educational sectors and institutions imitate Citizens Schools and adopt the use of cryptocurrencies into their system? Only time will tell.
