Digital currencies in the Middle East: The UAE is partnering with the Ripples and Egypt is considering launching
The Central Bank of Egypt is considering launching a central digital currency, while the United Arab Emirates has announced a partnership with Al-Ribil to make payments across the border, according to Reuters.
At a conference in Abu Dhabi, Egyptian Central Bank official Ayman Hussein said Egypt is currently conducting feasibility studies in partnership with unspecified international financial entities to explore the possibility of using a state-backed digital currency.
The Arab Republic of Egypt is not the first country to think about it, as the United Arab Emirates has also announced its intention to develop a new digital currency. He also announced last week that the Emirates Exchange partnership with RIBL is aimed at covering the huge money being sent as remittances from around the world to Asia, and this could be a huge profit for the digital currency sector.
We have received the news of the partnership of central banks in Saudi Arabia and the United Arab Emirates to create a cross-border digital currency for banking transactions. Today, the media has reported that Iranian students in the United Kingdom have resorted to using university education to pay university fees because of economic sanctions imposed on their country and preventing them from using the SWIFT banking network linking the banks of the world to each other. All this, if anything, shows the adoption and adoption of digital currencies and their efficiency in paying and facilitating cross-border payments.
Bahrain has also recently formulated a set of guidelines covering digital currency as well as a number of agents in the technology sector in Dubai, according to the Bahrain News Agency. The Rules provide a new regulatory framework that, in the words of a banking executive, attempts to address the market demand for such services and the need to recognize this innovation in financial services. The CBB experience with participants in the regulatory regulatory environment has been instrumental in shaping these rules.