"Dubai Finance" and"Lands and properties" We are successfully testing the settlement of digital assets in UAE dirhams in government transactions

DUBAI, 15th October, 2018 (WAM) – Dubai Finance announced the success of an initial technical test that includes settling digital assets “cryptocurrencies” in UAE dirhams for immediate payment of government service fees, in cooperation with the Dubai Land Department, and through the “Dubai Payment” platform, which is managed by the Dubai Digital Authority.
The transaction was carried out through the platform of Forex Dax Middle East, the first virtual asset services provider in the country to obtain initial approval from the Central Bank of the United Arab Emirates to license stored value facilities.
The department explained that the transaction that was successfully conducted in this test was for the “issuing a real estate map” service, within the framework of testing technologies and systems within a safe environment before the official launch in the future.
His Excellency Abdul Rahman Saleh Al Saleh, Director General of Dubai Finance, stressed that the success of this test represents “a proactive step towards the future of digital transactions in the emirate,” noting that it comes within Dubai’s efforts to adopt modern financial technologies in accordance with the highest standards of security and compliance.
He said: We are working at Dubai Finance to explore innovative financial solutions that contribute to the development of the government payment system and enhance the transformation towards an integrated digital economy, in line with the aspirations of our wise leadership.
In the same context, His Excellency Hamad Obaid Al Mansouri, Director General of the Dubai Digital Authority, said that the initial implementation of paying government service fees with digital assets represents a new milestone in Dubai’s journey towards comprehensive digitization, and an advanced step in consolidating the concept of “the city as a service,” where modern financial technologies are integrated with the government services system in one smooth and secure experience.
He added that enabling individuals and companies to pay government service fees through digital assets embodies the spirit of innovation that distinguishes Dubai, and reflects its ability to anticipate the future and adopt technologies that redefine the relationship between the government and the customer. This step does not only mean diversifying payment options, but rather establishing an integrated digital economic model that supports the objectives of Dubai’s cashless strategy and contributes to achieving Dubai’s D33 economic agenda and enhances the efficiency of the system. Government services.
His Excellency Omar Hamad Bushahab, Director General of the Dubai Land Department, explained that testing the payment of government transaction fees in an innovative way that includes settling digital assets in dirhams reflects the government’s commitment to using the latest digital technologies before full implementation, stressing that implementing the transaction is a first step to evaluating the efficiency of the systems and the potential for expansion in the future.
Ahmed Ali Muftah, Executive Director of the Central Accounts Sector at Dubai Finance, said: Through this test, we aim to verify the systems and their operational and technical efficiency, ensuring the highest levels of security when they are officially approved in the future.
In the same context, Amna Mohammed Lootah, Director of the Digital Payment Systems Regulation Department at Dubai Finance, confirmed that payment of the first government transaction of its kind by settling digital assets in dirhams was successfully completed in a secure, closed environment, during which the value of the transaction was settled in UAE dirhams through integrated systems that ensure full compliance with regulatory requirements.
She said: This achievement comes within the joint efforts led by Dubai Finance to implement the objectives of the Dubai Cashless Strategy, which aims to convert 90% of financial transactions in the emirate to digital by 2026, and to support the transition towards an integrated digital economy based on innovation and safe technologies.
Mohammed Al-Hakim, Chief Operating Officer and General Manager in the UAE of Fores Dax Middle East, expressed his pleasure in participating in this initial test, which reflects Dubai’s leadership in exploring the future of digital payments, stressing that this step comes within the framework of the initial approval granted by the Central Bank of the United Arab Emirates, as a preliminary stage towards building a safe and sustainable digital payments system that serves the government sector. And society.
For his part, Ahmed Al Qasim, Group Head of Business Banking at Emirates NBD, said: This initiative highlights Emirates NBD’s strategic commitment to responsibly integrating emerging technologies into the regulated financial landscape, and our participation in this experiment reflects our firm commitment to supporting Dubai’s ambition to become a leading global destination in innovation and digital finance, and we express our We are proud to cooperate with Dubai Finance in establishing a strong and flexible future financial system.

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