A Dubai school has announced that it would take payment in the form of cryptocurrencies such as Bitcoin and Ethereum.
Dubai is a city that has continued to enact new and favorable cryptocurrency legislation, which has resulted in an increase in the acceptance of digital assets in recent years. Dubai’s new school, set to open in late 2022, will be the first in the Middle East to provide this choice.
In a first for the area, a Dubai school has begun taking tuition payments in Bitcoin and Ethereum. The Citizens School is not yet open but will be later this year. It intends to accept cryptocurrency payments using a digital currency payment network that would enable it to simply receive cryptocurrency payments and subsequently convert them to fiat money, namely UAE Dirhams.
Dr. Adil Alzarooni’s school is scheduled to open in September 2022. Alzarooni added that the school intended to disrupt teaching in the same manner that cryptocurrencies have altered the old financial system in a variety of ways.
“Citizens is disrupting education by reimagining every aspect of the learning experience – whether it’s how our children learn, how we equip our instructors to be mentors, what our learners choose to wear, or how parents pay for tuition,” the creator said.
Concerning the school’s effect on this choice, Alzarooni remarked; “By launching this new payment option, we want to strengthen young generations’ participation in advancing the UAE’s digital economy. As more individuals embrace the digital world, today’s youngsters will grow up to be tomorrow’s entrepreneurs and investors.”
Although the school is the region’s first to take cryptocurrency payments, it is not the first. Last year, when Pennsylvania State University announced that it will begin taking Bitcoin payments, the university grabbed headlines. The institution that trained Elon Musk stated that students enrolled in the Economics of Blockchain and Digital Assets course were able to pay for the six-week course using Bitcoin.
Other colleges accepting bitcoin payments include California Intercontinental University and King’s College.