- The Canadian University Dubai’s plan to accept tuition and course fees in cryptocurrencies has faced a hurdle.
- The aim was providing students from different backgrounds an easy access to the Canadian curriculum in Dubai.
- Crypto regulations released by Dubai for virtual asset service providers is the reason behind the change in the university’s decision.
In less than 24 hours of the partnership between the Canadian University Dubai and Binance Pay to accept fees for courses in cryptocurrencies, a technical barrier has diminished the excitement. As a result, the university has tweeted a change in its decision with an apology.
A private university based in Dubai, CUD was looking forward to enabling both domestic as well as international students to pay tuition and course fees using crypto. The goal was to allow students from different backgrounds to have effortless access to the Canadian curriculum in Dubai.
Binance Pay allows businesses to incorporate support related to cryptocurrency payments. Based on the initial announcement, the collaboration with Binance allowed the university to adapt to the evolving digital payment world.
Around 200 cryptocurrencies are supported by Binance Pay, which include Ether, Bitcoin, and Dogecoin, and zero fees are charged for each transaction. On February 7, 2023, a crypto workshop was organized by Binance along with an information session for the students of the university. Cryptocurrency, Web3, blockchain, and metaverse basics were taught to the students.
The Canadian University Dubai has around 1800 domestic and international students in over 25 undergraduate and six graduate programs.
On February 7, the day when Binance was looking forward to a partnership with CUD, cryptocurrency regulations were introduced by Dubai related to virtual asset service providers.
Full Market Product Regulations were issued by the Virtual Asset Regulatory Authority and included four mandatory rulebooks as well as activity-based rulebooks with rules defined to run VASPs.According to crypto and blockchain lawyer Irina Heaver, regulatory reliability is meaningful in terms of business and is great as far as investors, consumers, and the Emirate of Dubai are concerned. The regulations are welcome since they were long-awaited.