The Abu Dhabi Judicial Bureau (adjd) continues its momentum to adopt stubcoin and crypto as a payment method in the United Arab Emirates, and is partnering with the Bank of Almaria (MBANK) to introduce the use of digital currency to pay judicial and legal services fees.
According to a press release, Adjd will be the first government agency in the Middle East to accept AED Stablecoin, AE Coin for payments for court-related transactions. AE Coin was the first AED Stablecoin licensed in the UAE. Adjd sees this as part of the UAE strategy to establish a digital economy with digital government payments.
His Excellency counselor Yousef Saeed Al Abri, Executive Director of the Abu Dhabi Judicial Bureau, stressed that it is consistent with the vision of Sheikh Mansour Mansour Zayed Al Nahyan, Vice President of the UAE. Abu Dhabi’s global competitiveness.
“By diversifying sensible payment options and adopting digital currencies, we support institutional cooperation and integrate the judicial and financial sectors through advanced technology.”
Omar Al Zaabi, vice-chairman of Al Maryah Bank, commented that the partnership will strengthen digital financial services that show how technology can help public goods safely.
AE Coin continues to add new partners
AE Coin is expanding its usefulness within the UAE through several partnerships. A month ago, the Abu Dhabi Transportation Division and municipality, located under the Integrated Transportation Centre (ITC) of the Tawaslu Transportation Bureau, allowed passengers to use AE Coin Stablecoin via the MBANK AEC wallet application.
Previously, UAE-based Air Aravia Airline began accepting AE Coin, an AED Stablecoin, for payments such as flight bookings.
Ramez Rafiq, general manager of IED Stablecoin behind AE coin, noted that AEC was developed to be a secure, efficient, and regulatory compliant digital payment solution tailored to the UAE.
He believes that recruitment by well-known government agencies reflects trust in AE coins as one of the building blocks of the UAE’s financial digital infrastructure.
Already, Dubai Ministry of Finance (DOF) is the government agency responsible for the budget, and its enforcement has signed a MOU with Global UAE Regulation Crypto.com to allow government fees to be encrypted.
30% of the UAE’s population is the owner of crypto, which means that the country is ready to use crypto and stable for payment. In a recent interview with Abu Dhabi-based ADI Foundation, CEO Guillaume de La Tour spoke about the new AED back Stablecoin, AEDC, who is working on for ADQ, Abu Dhabi’s Sovereign Wealth Fund, and Fab (First Abu Dhabi Bank).
The UAE witnessed the launch of more AED-backed stub coins, and the UAE Central Bank announced that CBDC will be released at the end of the year.
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