#AbuDhabiStablecoin
In important news coming from the UAE, three major entities: Abu Dhabi Developmental Holding Company (ADQ), International Holding Company (IHC), and First Abu Dhabi Bank announced that they will launch a stablecoin backed by the UAE dirham and under the supervision of the Central Bank of the UAE.
The currency is designed to be a fast and secure digital payment method and it also has the advantage of being stable in value because it is pegged to the dirham, meaning there won't be the volatility we see in other cryptocurrencies like Bitcoin and others.
This is a smart move from the UAE as they prepare themselves for a real digital economy and are trying to stay ahead of everyone in this field. The currency could change the nature of transactions and online payments across the Arab world if the experiment is truly successful.
However, we also cannot deny that the UAE has its own specific circumstances and not every country can easily implement the same idea. So yes, it is a bold step, but it requires a strong economy and strict organization to succeed and sustain.