Ripple Launches Cross-Border Blockchain Payments in UAE

Ripple, the company behind XRP cryptocurrency, has introduced cross-border blockchain payments in the United Arab Emirates (UAE). This move could boost cryptocurrency adoption in a country that is open to digital assets. Zand Bank and Mamo, the UAE's first all-digital bank and a fintech company respectively, will be the main users of this new blockchain payments system. Known as 'Ripple Payments,' the platform combines stablecoins, cryptocurrencies, and fiat to enable fast and efficient cross-border transactions. Ripple obtained a license from the Dubai Financial Services Authority (DFSA) in March to offer crypto payments. The UAE has been making strides in crypto adoption, ranking 56th globally according to Chainalysis. Recent developments, such as recognizing stablecoins like Tether and Circle's USDC and EURC, as well as plans for a digital dirham, indicate the country's growing interest in digital assets. Dubai's Virtual Assets Regulatory Authority (VARA) has also announced increased oversight on crypto activities to ensure compliance with new regulations. Read more AI-generated news on: https://app.chaingpt.org/news