Citizens, a new school in Dubai has announced that it will accept cryptocurrency as a mode of payment, making it the first of its kind in the Middle East to let parents pay tuition fees using digital currency.
Following on Dubai Government’s recent adoption of its first law regulating virtual assets, Citizens School, which is planning to open on September 2022, will accept payments from the two major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) – providing parents with flexible payment options, the school said in a statement.
Payments using cryptocurrencies are accepted through a tie up with a digital currency platform that processes cryptocurrency payments and automatically converts them to Dirhams (AED), the school said.
Dr. Adil Alzarooni, 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. Similarly, Citizens is disrupting the education sector by re-imagining every element of the learning experience – be it the way our children learn, how we equip our teachers to be mentors, what our learners choose to wear, or the ways that parents can pay for tuition.
“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.
(Writing by Seban Scaria; editing by Daniel Luiz)