Canadian University Dubai will not start accepting cryptocurrency due to a technical roadblock

Updated: 14 February 2023

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After the initial excitement at the prospect of Canadian University Dubai (CUD) accepting crypto, a new announcement revealed that the deal is canceled due to a technical roadblock. CUD was supposed to introduce crypto payments through its partnership with Binance Pay and allow people to make payments using digital assets.

However, less than 24 hours after the partnership announcement was made, the initiative was shot down by CUD itself.

Crypto adoption in Dubai

CUD is a private university located in Dubai, the most populous of the emirates that make up the UAE. Recently, Dubai has been making headlines due to its crypto regulations that require all companies to obtain the license of the new local regulatory body. The same set of rules also prohibited the use of privacy coins in Dubai, to prevent their use for illicit purposes.

Despite the restrictions, the new set of rules was generally accepted as a good thing, which will help turn Dubai into a regulated crypto hub. With that being the case, the fact that CUD was interested in accepting cryptocurrencies does not come as a surprise. The private university accepts local and international students, and it wanted to allow them to pay their course fees and tuition in digital assets.

https://twitter.com/binance/status/1623575349698129921

The initiative would have also allowed students from different backgrounds to easily access education. However, the university had bad news to share, stating that, for technical reasons, CUD will not be able to accept cryptocurrency as a payment method.

Crypto payments may still arrive in the future

On the positive side, the exact announcement added that this will be the case “until further notice,” which means that the university may try to find a way to enable crypto payments at some point in the future. For the time being, however, this will not happen.

https://twitter.com/CUDUAE/status/1623960263450918912

The partnership with Binance Pay was also likely a good choice on the University’s behalf. This is a payment gateway service launched by Binance, the world’s largest exchange by trading volume. It allows businesses to integrate support for digital asset payments. Binance Pay supports more than 200 coins and tokens, including Bitcoin, Ethereum, Dogecoin, and many others. On top of that, it charges no fees per transaction.

So far, CUD did not explain what technical problems prevented the addition of crypto payments, and some in the community have commented that there is no issue at all — that the university backed down “because of pressure from the government.” CUD did not respond to this as of the time of writing, nor did they issue a more detailed announcement, so for the time being, technical problems with adding crypto payments remain the only official explanation.

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