A partnership between 3 Emirati institutions to launch a stable digital currency backed by dirham

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Abu Dhabi, April 28/ WAM/ The International Holding Company, “ADQ” and Abu Dhabi First Bank announced joint plans to launch a new stable digital currency supported by UAE dirham and is fully subject to the supervision and organization of the United Arab Emirates Bank.

The new currency is scheduled to issue the first bank of Abu Dhabi, the largest bank of the United Arab Emirates, after completing the necessary organizational approvals.

The new stable currency will be a pivotal turning point and will facilitate payment and business, at the local and global levels, which contributes to the consolidation of the leadership of the United Arab Emirates for the global blockchain innovation scene and its being a leading global center for financial technology, and the promotion of the state’s digital infrastructure.

The stable digital currency, backed by Emirati dirhams, was designed to enable the payment process around the world, ensure the ease of using identity, compliance with organizational frameworks, and make payments safely with the possibility of verifying them with a high degree of reliability and efficiency.

The stable digital currency will be provided with a reliable payment method in a wide range of daily uses, whether by individuals or companies and institutions and will support new and advanced digital uses, such as direct transactions between devices (M2M) and artificial intelligence technologies.

The new currency depends on the Block Chen network of ADI, an advanced technology that has been developed in the United Arab Emirates to provide a distribution network compatible with financial systems with the aim of facilitating payments through blockchain technology.

It is noteworthy that the “ADI” Foundation is working to link traditional financial systems to modern blockchain technologies with the aim of creating a practical and effective impact, in an effort to enable the citizens of emerging countries to compete, participate and contribute to the global economy and to achieve this purpose, the Foundation has held several strategic partnerships with governments in more than 20 countries.

His Excellency Mohamed Hassan Al -Suwaidi, Minister of Investment, Managing Director and CEO of the group in “ADQ”, said that the launch of the stable digital currency represents a pivotal step in our commitment to strengthening the digital infrastructure system in the United Arab Emirates and with our progress towards an increasingly bound and bound, the stable currency will provide a safe, effective and effective solution, and at the same time we open horizons New to growth and enhance value.

For his part, Sayed Bosra Shuaib, CEO of the Global Holding Company, said that the new stable digital currency is a prominent shift in the development of the digital currency system, and we are proud of the global holding company in our pivotal role and our effective contribution to its establishment, and we look forward to employing our experiences in the fields of blockchain and financial technology, and cooperation with our partners to explore the promising capabilities that the new currency provides, It contributes to pushing innovation efforts in the United Arab Emirates.

In turn, Hana Al -Rostamani, CEO of Abu Dhabi First Bank Group, said that the first Abu Dhabi Bank is proud of its participation as a founding member in launching this leading technology that contributes to consolidating the position of the United Arab Emirates on the global innovation map, and opens new prospects for developing the prosperous and growing financial technology sector.

It is expected that the stable digital currency will occur as a qualitative shift in payment transactions via blockchain technology, which will positively reflect on various economic sectors, and enhance the efficiency and reliability of financial transactions for consumers and companies within the country.

For his part, the CEO of the ADI CEO said that the launch of the new stable digital currency constitutes an important station in the march of the United Arab Emirates towards building a more comprehensive economy and depending on digital technologies, and by benefiting from the blockchain technology of our institution, it will allow the conduct of safe, transparent and effective transactions on a large scale, based on local technology in the UAE, some It enhances our feeling of pride in supporting this ambitious initiative, which reflects the essence of our message and our vision to push sustainable digital transformation worldwide.

It is also expected that the new stable currency will have a widespread impact on various sectors, including the financial sector and commercial exchange, and this is likely to increase liquidity in the financial system of the United Arab Emirates, and its launch is a prominent step towards achieving the country’s vision to consolidate its position is a leading global destination for innovation and financial technology.