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The United Arab Emirates will become a world -class cryptocurrency center in their ambition. The Sovereign Fund Abu Dhabi ADQ, the International Conglomerate Holding Company (IHC) and the first Abu Dhabi Bank (FAB) announced its cooperation on the creation of Stablecoin supported in Dirham, a completely regulated Emirati Central Bank.
In short
- The ADQ, the IHC conglomerate and the first Abu Dhabi Bank (Fab) launched Stablecoin based on the Dirham of the United Arab Emirates.
- This project will be fully regulated by the central bank of the United Arab Emirates.
- This initiative is part of a wider country strategy to become a world -class digital assets center.
- Stablecoin will work on the blockchain ADI and will be used for daily transactions.
New National Stable to Revolution of Payments
On Monday, April 28, three heavy weight from Emirati Finance officially announced its joint Stablecoin project supported by Dirham.
ADQ sovereign fund, conglomerate IHC and first bank Abu Dhabi, the first bank of the country in terms of assets, revealed their ambitions to revolutionize digital payments in the region.
This new Stablecoin will be issued by FAB, subject to the regulatory approval of the United Arab Emirates Central Bank.
According to Hana Al Rostamani, CEO of Fab Group, this initiative ” represents a transformation step and revolutionizes the way consumers and companies communicate with blockchain’s trust payments in the United Arab Emirates ».
This technology will be based on Adi Blockchain, developed by the ADI foundation, which has already established a partnership with more than 20 governments to expand its compatible network.
Target applications exceed simple payments and include current consumption transactions into artificial intelligence processes.
Ambitious national strategy for digital assets
This initiative is part of a wider approach to the United Arab Emirates to establish itself as a world of cryptus.
The country quickly proceeded in its digital currency strategy with the launch of the “Digisam Digital” initiative in March 2023 and performing specific stablecoin regulations.
While we are moving towards an increasingly digital and interconnected economy, Stablecoin provides a safe, efficient and scalable solution.
Muhamed Alsuwaidi, CEO and CEO of the AdQ Group
This is not the first invasion of the country into this area. In December last year, the coin AE became the first regulated digital currency approved to the United Arab Emirates.
At the same time, Tether, the transmitter received the largest stable coin, also the Stablecoin Development in the region in August 2023.
According to Vugar Usi, Bitget COO, ” This initiative, supported by the United Arab Emirates Central Bank, could greatly enhance confidence in digital assets throughout the Mena region, especially for private and institutional users ».
This stablecoin should have a significant impact on finance, trade and exchange in the United Arab Emirates, thus strengthening the position of the country as a pioneer of financial innovation in the Gulf.
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Passionate Bitcoin, I like to explore meanders blockchain and cryptos and share my discoveries with the community. My dream is to live in a world where privacy and financial freedom is guaranteed for everyone, and I firmly believe that Bitcoin is a tool that can make it possible.
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.