Eric Council Jr. operated a scheme that involved targeting phone numbers, substituting SIM cards to steal accounts. He assisted in compromising the U.S. Securities and Exchange Commission’s (SEC) official X account in the past year.
His moves misled the financial markets. Now, recent court papers show that he made $50,000 from the same attacks. He also looked on the internet to check whether federal agents had begun to watch him.
While Council Jr. addressed their hacking and fraud, Dubai took a daring move towards secure and legal online finance. Dubai Finance partnered with Crypto.com. The move gives residents the right to pay government charges with cryptocurrencies.
SEC backs Dubai’s crypto payments at finTech summit
The statement was made at the Dubai FinTech Summit.
The Dubai Cashless Strategy is supported in this agreement. The aim is to transition to a complete payment system that is electronic. The government feels that crypto is going to enable faster and more inclusive payment.
Also, this strengthens Dubai’s reputation as a hub for financial innovation.
The strategy is to utilize stablecoins, which are less volatile than other crypto. Crypto.com’s wallet is where people and businesses will pay. The platform will exchange crypto for dirhams, the local currency. Dubai Finance will directly receive the funds.
The strategy is expected to stimulate the economy, with billions of dirhams added annually, according to officials. It is envisioned that more than 90% of both public and private sector transactions shall go cashless by the year 2026.
Dubai sets new rules for safe crypto transactions
Dubai is not just investing in payment systems. It is also enacting strict rules to maintain the transactions secure and reliable. The move is the first that has seen a government introducing full-scale crypto payments for government services.
As Dubai moves toward a digital future, it focuses on growth, efficiency, and innovation. The city wants to lead in financial technology while maintaining security. This partnership could change how cities handle public payments worldwide.
