RippleNet expands to Abu Dhabi

RippleNet expands to Abu Dhabi

RippleNet expands to Abu Dhabi, and the authorities of the United Arab Emirates want to legalize exchange activities.

The UAE Exchange, a 800-dollar arabic money-sending company and presence in 31 countries, has become the last partner to join RippleNet, a blockchain network that currently includes more than 100 banks and financial institutions.

The UAE exchange is one of the largest companies in the Middle East and has decided to use the Ripple network to provide customers with “competitive services that will provide fast and cheap cross-border transactions,” said Promoth Manghat director.

As a matter of fact, the Abu Dhabi National Bank has already joined the Ripple Network, a decision adopted in particular because the large number of immigrants in the region is generating many transactions with other countries.

Ripple’s Director of Infrastructure and Innovation, Dilip Rao, said the Middle East was of great interest because: “We can deliver fast, transparent, and cost-effective payment solutions at a low cost in a region where money transfers are rising. Adding a partner like the UAE Exchange to RippleNet will enable millions of retail customers to access inexpensive, secure, low-priced payment services.

In fact, on Feb. 11, the Abu Dhabi Financial Services Regulatory Authority (FSRA) published an announcement that it will soon publish a set of cryptographic regulations, with emphasis on exchanges and service companies of payment.

In October last year, the FSRA declared that it was impossible to regulate the crypto domain in general and decided to separate the domain in the ICO (considered securities) and cryptocurrency used as a means of payment.

In the announcement published on Sunday it is noted that “Although there are no legal currencies, FSRA has recognized the increasing global interest in using cryptocurrency as a means of exchanging goods and services.

This is a major change in the position adopted by the authorities in the field, as the Arab national financial authority recently published a warning about investments in ICO.

Meanwhile, the central banks of the United Arab Emirates and Saudi Arabia are working to develop a cryptocurrency that uses the blockchain system in cross-border transactions, and Dubai is exploring the use of blockchain technology in areas such as governance, a metropolitan payment system, and even airports.

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