Canadian University Dubai Says It Will Not Accept Crypto As A Payment Method
Just 24 hours after the declaration by the Canadian University Dubai to join Binance Pay to embrace crypto for course fees, a technical hindrance dismissed the excitement away. CUD, known as a Dubai-based private university, was showing interest in permitting its international as well as local students to pay course as well as tuition fees in crypto assets.
Canadian University Dubai Backs off from Its Decision to Embrace Crypto for Fee Payment
With the respective initiative, the students of the institution from diverse backgrounds would be allowed to conveniently access the Canadian curriculum while studying in Dubai. Eventually, an official post was shared by the university on Twitter. It noted that the educational institution will not accept crypto for payments, till further notice in this matter. In addition to this, the university apologized for the possible inconvenience caused by this declaration.
Binance Pay is known as a payment gateway introduced by Binance (the top crypto exchange). With this project, businesses can integrate support for payments in the crypto assets. As per the initial declaration by the Canadian University Dubai, its collaboration with Binance permitted that organization to embrace the transforming world of digital payments. On the other hand, the crypto exchange also announced this partnership on Twitter.
The exchange mentioned that it will assist in bringing crypto payments to the top university based in Dubai. It further wrote in the tweet that the existing as well as the prospective students of the university will be able to pay tuition and course fees by using crypto. The crypto exchange backs more than two hundred crypto assets taking into account ETH, DOGE, and BTC. The other supported tokens include MATIC, LTC, AVA, BCH, DOT, ADA, SHIB, and so on.
The meme-inspired crypto token Shiba Inu (SHIB) was added by Binance among the crypto assets supported by Binance Pay in last year’s November. Simultaneously, it also added several other assets such as USDT of Tether, PORTO (a fan token related to football), and the CAKE token of PancakeSwap. In addition to this, the crypto exchange does not charge any fees for each transfer.
On the 7th of February, the exchange hosted a crypto-related information and workshop session for the university. In that session, the lectures were given to the students on the fundamentals of the crypto, metaverse, as well as web3 sectors. The Canadian University Dubai homes more than 1800 international as well as local students.
VARA of Dubai Releases Complete Regulatory Agenda for VASPs
The respective students are enrolled in up to twenty-five undergraduate as well as 6 graduate projects. Their annual tuition is up to $18,000. At the time when the crypto exchange was hopeful to take the decisive step in its crypto payments-related support for the university, an unexpected thing took place. On the 7th of this month, Dubai issued crypto regulations related to virtual asset service providers (or VASPs).
The “Full Market Product Regulations” was released by the Virtual Asset Regulatory Authority (VARA) of Dubai. This regulatory agenda takes into account 4 necessary rulebooks as well as activity-related rulebooks that specify regulations for running VASPs. Irina Heaver, a United Arab Emirates-based blockchain and crypto lawyer, remarked on this matter.
She noted in a Twitter post that regulatory certainty counts as a good thing for business. According to her, it is additionally beneficial for the investors, customers, as well as the jurisdiction of Dubai. The regulatory agencies are long-awaited as well as majorly welcomed, in Irina Heaver’s words.
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