Not even 24 hours after the Canadian College Dubai (CUD) introduced its partnership with Binance Pay to just accept course charges in cryptocurrencies, a technical roadblock watered down the thrill behind the short-lived initiative.
CUD, a non-public college in Dubai, was seemingly enthusiastic about permitting home and worldwide college students to pay their tuition and course charges in cryptocurrencies. This initiative would have allowed college students from assorted backgrounds easy accessibility to the Canadian curriculum in Dubai.
Pricey CUD Neighborhood,
For technical causes, CUD is not going to be accepting cryptocurrency as a way of cost, till additional discover.
We apologize for any inconvenience. pic.twitter.com/b9rERYHR7g
— CUDubai (@CUDUAE) February 10, 2023
Binance Pay, a cost gateway service launched by crypto alternate Binance, permits companies to combine help for cryptocurrency funds. In response to the college’s preliminary announcement, the Binance partnership allowed the establishment to “have tailored to the remodeling digital cost area.”
#Binance helps convey crypto to @CUDUAE, a number one college in Dubai.
Potential and present college students can now pay their charges, together with tuition charges, with crypto.
Powered by Binance Pay. pic.twitter.com/bqWuezZVKJ
— Binance (@binance) February 9, 2023
Binance Pay helps over 200 cryptocurrencies, together with Bitcoin (BTC), Dogecoin (DOGE) and Ether (ETH) and expenses zero charges per transaction. On Feb. 7, Binance hosted a cryptocurrency workshop and data session for CUD the place college students have been taught about blockchain and crypto fundamentals, Web3 and the metaverse.
Canadian College Dubai complete variety of college students. Supply: topuniversities.com
As proven above, CUD is residence to over 1800 home and worldwide college students — enrolled in one of many 25 undergraduate and 6 graduate applications — who pay a yearly tuition payment of $18,000.
Canadian College Dubai has not but responded to Cointelegraph’s request for remark.
Associated: Crypto initiatives reply to privateness coin ban in Dubai
On Feb. 7, when Binance was eyeing a partnership with CUD, Dubai launched crypto laws for digital asset service suppliers (VASPs). The Digital Asset Regulatory Authority issued its Full Market Product Rules, which embrace 4 obligatory rulebooks and activity-specific rulebooks that lay down the principles for working VASPs.
Dubai’s Vurtual Property and Regulatory Authority issued the long-awaited Full Market Rules for Vurtual Property Providers Suppliers (VASPs).
— Irina ₿. Heaver (@IrinaHeaver) February 7, 2023
Irina Heaver, a crypto and blockchain lawyer primarily based within the United Arab Emirates, advised Cointelegraph, “Regulatory certainty is excellent for enterprise. It’s good for customers, traders and the Emirate of Dubai. The laws are long-awaited and principally welcomed.”