The new stable currency aims to support the digital infrastructure of the United Arab Emirates and to improve its world leadership in the field of financial technology.
Abu Dhabi’s plans are Increasing in the Field of Digital Assets, As Three of the Large Financial Institutions in Abu Dhabi Are Working to Coordinate Their Efforts to Launch a New Stable Digital Currency Backed by Uae Dirham, and the “Holding” Company in Abu Dhabi (Adq), the Global Holding Company (IHC) and Abu Dhabi First Bank (Fab) Yesterday, Monday, Announced Their Cooperation for the purpose of Developing A Digital Currency which will be subject to the supervision of the Central Bank to the United Arab Emirates.
The new stable currency will work on ADI, a technology developed by Adi locally. This motto aims to provide a reliable payment method for citizens, businesses and institutions, and will support daily financial transactions and new and advanced digital transactions.
The institutions have declared in a joint declaration: “This stable currency will be used as a reliable digital currency to pay a wide range of daily transactions by citizens, consumers, businesses and institutions.”
The stable currency project improves the growing position of the United Arab Emirates in the field of Chipo
The last step taken by Abu Dhabi comes in the context of the general strategy pursued by the United Arab Emirates to consolidate its world center position for digital assets. The government has already made remarkable progress by allowing the payment of digital currency, an initiative to establish laws regulating digital assets and by encouraging local blockchain projects.
The United Arab Emirates took a big step – as part of this setting – in December of last year by launching its first official stable currency, AE Coin. Last month, the local investment group MGX undertook to invest two billion dollars on the Binance platform in one of the biggest crapeto offers of all time.
Consequently, the partners believe that the launch of the new stable currency will improve the digital infrastructure of the United Arab Emirates and place it at the cutting edge of global innovation in the field of financial technology.
The water technology sector develops to include emerging sectors such as the Internet of Objects and AI
Mr. Mohamed Hassan Al -Suwaidi, CEO of Abu Dhabi Holding Company, said that this initiative “represents a central step in our commitment to strengthen the digital infrastructure system in the United Arab Emirates”. He added that this currency will provide a safe and subjective solution with our progress towards an interconnected digital economy.
Abu Dhabi Bank – The greatest ready for the United Arab Emirates – should issue a stable currency as soon as it obtains organizational approval. For his part, the executive director of the bank, Hana Al -rostamani, described the project as a “pioneer development” which would revolutionize the reliable payment methods via the blockchain in various sectors. Likewise, Sayed Bosra Shuaib, CEO of the International Holding Company (IHC), said that this project would open wide horizons and improve financial technological innovations in the region.
The stable currency function will not only cover traditional payment transactions, but will also be designed to support transactions between devices (M2M) and transactions based on artificial intelligence; This change indicates emphasis on sectors such as independent financing and the Internet of Things (IoT).
On this subject, Jubillame de la Tour, CEO of Adi-Corporation, said that Adi would provide “safe, transparent and largely effective transactions”, which is a very important advantage of economies that are looking for a sustainable digital transformation.
With active ingredients exceeding $ 225 billion, ADQ conducts a wave of investments to build the digital economy of Abu Dhabi, including this last stable currency project, which notes efforts aimed at modernizing payment systems, and it also supports the objective of diversifying economic pillars and attracting global skills in the field of financial technologies to this state of golf.
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The position, the largest financial companies in Abu Dhabi, unites their efforts in the field of Chipo to launch a stable currency appeared first on Arab Cryptonews.