Cryptocurrencies are becoming more popular as a payment method among governmental and educational organizations. Also, thanks to the availability and ease of access, people are attracted to the market to pay various fees. Recently, the Canadian University Dubai (CUD) announced that it is working with Binance Exchange to establish a crypto payment method that allows students to use crypto assets to pay tuition. Also, Binance hosted a cryptocurrency workshop introducing concepts such as blockchain, Web 3.0, Metaverse, and cryptocurrencies to CUD students.
According to a post by Cointelegraph, CUD had planned to initialize a crypto payment method to receive tuition fees using cryptocurrencies. CUD has around 1,800 local and international students whose yearly tuitions amount to $18,000. The university intended to collaborate with Binance exchange to use its payment service (Binance Pay) so that local and international students could more conveniently pay tuition fees. Binance Pay supports more than 200 crypto assets and charges zero fees per transaction. However. In less than 24 hours, the university renounced its collaboration with Binance due to a technical blockade.
While Binance was examining the terms of partnership with CUD, the Dubai government set the framework for Virtual Asset Service Providers (VASPs). The framework includes four rulebooks that detail the conditions for the operation of VASPs. Irina Heaver, a blockchain chancellor in Dubia, said the crypto regulation would benefit the crypto holders, blockchain firms, and the government itself.
Read more financial news here.
