The Global Holding Company and "ADQ" along with First Abu Dhabi Bank announced joint plans to launch a new stable digital currency backed by the UAE Dirham.
The currency will be fully subject to the supervision and regulation of the Central Bank of the United Arab Emirates, according to what was published by the "WAM" agency.
The new currency is set to be issued by First Abu Dhabi Bank, the largest bank in the United Arab Emirates, after obtaining the necessary regulatory approvals.
The new stable currency will represent a pivotal turning point and will facilitate payments and business operations at both local and global levels.
The stable digital currency, backed by the UAE Dirham, is designed to enable payment processes worldwide, ensuring ease of identity use, compliance with regulatory frameworks, and making payments securely with a high degree of reliability and efficiency.
The stable digital currency will rely on a reliable payment method for a wide range of daily uses, whether by individuals, companies, or institutions, and will support new and advanced digital uses, such as direct transactions between devices (M2M) and artificial intelligence technologies.
The new currency relies on the blockchain network of the "ADI" Foundation, an advanced technology developed in the United Arab Emirates to provide a distribution network compatible with financial systems aimed at facilitating payments through blockchain technology.
It is noted that the "ADI" Foundation is working to connect traditional financial systems with modern blockchain technologies to create a practical and effective impact, aiming to empower citizens of emerging countries to compete, participate, and contribute to the global economy. To this end, the foundation has established several strategic partnerships with governments in over 20 countries.
