UAE set to introduce cryptocurrency into everyday payments through agreement with Crypto.com

The UAE is on the verge of revolutionary changes in the financial sector. According to CoinMarketCap, the country is set to introduce cryptocurrency into everyday life of its citizens. Soon, UAE residents will be able to receive their salaries in digital currency and pay for utilities, food, and fines with it.

Dubai’s Department of Finance has partnered with Crypto.com to launch a system allowing cryptocurrency payments for government services. This initiative is in line with Dubai's strategy to transition nearly 90% of payments to cashless methods by 2026.

Transactions made through Crypto.com will be securely converted into Emirati dirhams before reaching government accounts, ensuring regulatory compliance and financial security.

One of the cryptocurrencies gaining popularity in the country is Ethereum. Following a large-scale update, the platform's power efficiency has increased significantly, CoinMarketCap notes.