As per a statement published on Monday, Vietnamese Deputy Prime Minister Le Minh Khai has urged the nation's various public authorities to develop a structure to manage virtual currencies and their operations.
The central bank of the country and the departments of finance, justice, and information and communications have been chosen to participate in the initiative. On the other hand, the Ministry of Finance will lead the effort and collaborate with other agencies to define legal texts that require revision or promulgation.
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The Ministry of Finance will also set a particular date for the framework's adoption. The intended date, however, was not included in the document.
Decision 1255 will be followed in the impending legislation that will regulate the administration of cryptocurrencies and virtual assets at large. The nation's Prime Minister signed it in August 2017, and it approved a strategy for managing virtual assets in the nation.
Citizens School in Dubai, as per local news site Arabian Business, will allow tuition payments in Bitcoin (BTC) or Ethereum (ETH). Payments made with crypto assets are processed through an unidentified processing system and instantly transformed into UAE dirhams.
Meanwhile, Citizens School Founder Hisham Hodroge added: "Adding the possibility to pay school fees with cryptocurrency does more than just provide additional payment method. It's a way to pique people 's attention in blockchain technologies, which Citizens School plans to use in numerous facets of its academic and administrative activities in the future."
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The school, which is due to start in September, is in the center of Dubai and looks to be organized like an international school. It is open to pupils aged 3 to 11 years old. Citizens School's tuition costs range from 45,000 AED to 65,000 AED a year ($12,250 to $17,700) before VAT, school lunches, a required iPad for studying, field excursions, and extracurricular activities, according to the school's website.
