Dubai agreed to allow cryptocurrency payments for public services in an agreement with Crypto Exchange Crypto.com and took a step towards the implementation of its plan for a cashless society.

Once the technical details are completed, the agreement will allow individuals and businesses to pay fees using digital wallets from Crypto.com, licensed by Emirate’s Virtual Assets Regulatory Authority (VARA). The platform then converts the amounts to Dirhams for payment, according to a press release on Monday.

The agreement gives the government “the opportunity to utilize financial technology by launching a new digital payment channel on the government’s digital portals,” it said in release. The cashless strategy is expected to add at least 8 billion Dirhams ($ 2.2 billion) annually to the economy.

Dubai has built its crypto credentials for several years and sees himself as a Crypto Hub in the Middle East. In March 2022, it established Vara and called it the world’s first independent crypto regulator and has awarded licenses for exchanges, including Binance and OKX. It also started a Metaverse strategy for the purpose of attracting 1,000 Metaverse and Blockchain companies by 2030.