The joint report is among the most promising CBDC studies conducted by central bank authorities Central banks from two of the most powerful economies in the Middle East released a report today on a yearlong joint central bank digital currency (CBDC) project — and results speak glowingly of blockchain technology. First announced in January of…
Read more
The financial center in one of Dubai’s free-trade zones acts as an independent regulator with its own judicial system According to a Nov. 7 announcement, Ripple has established a regional office in the Dubai International Financial Centre, or DIFC. The blockchain-based payments firm reportedly chose the location for its “innovative regulations.” The DIFC website states…
Read more
The UAE project will allow clients to trade tokenized sugar 24/7 without brokers, and fits into the Emirate Blockchain Strategy 2021’s goals The world’s largest sugar refinery, Al Khaleej Sugar, officially announced the application of blockchain technology in its recently launched sugar trading platform, DigitalSugar.io. Users of the UAE-based platform will trade the spot price of…
Read more
Agriota E-Marketplace may give farmers in India more access to the UAE’s multi-billion dollar food industry. Food industry officials in the United Arab Emirates may soon have a blockchain-based supply chain to obtain agricultural products directly from India. According to an Aug. 31 report, officials in the United Arab Emirates (UAE) will be using Agriota…
Read more
The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform. This platform is set to become a nationwide system for exchanging verified customer data. Dubai’s Department of Economic Development, or DED, and state-run bank Emirates NBD are rolling out their so-called UAE KYC Blockchain Platform. 120 local firms already signed up…
Read more
A foreign resident of Abu Dhabi who was potentially facing jail time over an unpaid $100,000 loan received $27,400 in donations after his story spread. A former Etihad Airlines flight attendant who took out a $100,000 loan to invest in cryptocurrency may not be facing jail time after he received 25% of the total debt…
Read more
The Islamic Development Bank’s research organization has partnered with Blocko to build a blockchain credit management system. The research arm of Suadi Arabia’s Islamic Development Bank Group is aiming to develop a blockchain-based smart credit management system. To achieve this, the bank’s Islamic Research and Training Institute, or IRTI, has partnered with the Samsung-backed blockchain…
Read more
The Saudi Arabian Monetary Authority has transferred funds to local banks using blockchain technology. The Saudi Arabian Monetary Authority (SAMA), the country’s central bank, announced that it used blockchain technology to deposit funds to local banks. An official statement published by SAMA said that the funds were a part of the bank’s initiative to enhance…
Read more
Blockchain-based solution may help to contain the growing cases of COVID-19 across the UAE. UAE-based startup incubator, in5, is helping to design blockchain-based methods to contain the COVID-19 pandemic in the country and thus flatten the curve. According to a report published on May 20, Liber Health, supported by in5, is one of the platforms…
Read more
In the wake of the coronavirus pandemic, a number of blockchain firms have stepped up their global relief efforts. With cases of the deadly coronavirus still popping up at an unprecedented rate around the world, many prominent members of the blockchain and crypto industries have heeded the global cry for help and have swiftly engaged…
Read more
