More stablecoins will be launched in the UAE in the coming months.
Continuing on the momentum of adopting stablecoins and crypto as a payment method in the UAE, the Abu Dhabi Judicial Department (ADJD) has partnered with Al Maryah Bank (MBANK) to introduce the use of digital currency for the payment of judicial and legal service fees.
As per the press release, ADJD will be the first governmental entity in the Middle East to accept an AED stablecoin, AE Coin, for payment for court related transactions. AE Coin was the first AED stablecoin to be licensed in the UAE. ADJD sees this as part of UAE strategy towards establishing a digital economy with digital government payments.
His Excellency Counsellor Yousef Saeed Al Abri, Undersecretary of the Abu Dhabi Judicial Department, emphasized that the move aligns with the vision of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Chairman of the Presidential Court, Chairman of ADJD, to build a modern and innovative judicial system that embraces rapid digital transformation to ensure swift justice and enhance Abu Dhabi’s global competitiveness.
Al Bri stated, “By diversifying smart payment options and embracing digital currency, we are supporting institutional cooperation and integrating the judicial and financial sectors through advanced technology.”
Omar Al Zaabi, Vice Chairman of Al Maryah Bank, commented that the partnership reinforces digital financial services showcasing how technology can serve the public good securely.
AE Coin continues to add new partners
The AE Coin has been growing its utility within the UAE through several partnerships. A month ago, the Abu Dhabi Transport Department and municipalities under the Integrated Transport Center (ITC) of the Department of Municipalities and Transport, Tawasul Transport, allowed passengers to use the AE Coin stablecoin via the Mbank AEC Wallet application.
Before that, UAE based Air Arabia airline also started accepting the AED stablecoin, AE Coin, for payments such as flight booking.
Ramez Rafiq, General Manager of IED Stablecoin, the firm behind the AE Coin, noted that AEC was developed to be a secure, efficient, and regulatory-compliant digital payment solution tailored for the UAE.
He believes that its adoption by prominent governmental entities reflect the trust in the AE Coin as one of the building blocks for UAE’s financial digital infrastructure.
Already, Dubai Department of Finance (DOF) , the governmental entity responsible for budget and its execution signed an MOU (Memorandum of Understanding) with Global UAE regulation Crypto.com to allow crypto payments for governmental fees.
30 percent of UAE population are crypto owners, which implies that the country is ready to use crypto and stablecoins for payments. In a recent interview with the Abu Dhabi-based ADI Foundation, CEO Guillaume de La Tour talked about the new AED‑backed stablecoin, AEDC, that the foundation is working on for ADQ, the sovereign wealth fund in Abu Dhabi, and FAB (First Abu Dhabi Bank).
The UAE will witness the launch of more AED backed stablecoins and the UAE Central Bank had announced its CBDC would be launched at the end of the year.
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