Bank of China announces MOU with UAE FAB bank on digital currency

Bank of China announces MOU with UAE FAB bank on digital currency

According to a recent Chinese media article, the Bank of China announced during The 3rd “Belt and Road” Summit Forum a list of 369 practical cooperation projects of which was an MOU signed with FAB bank of cooperation in digital currency.

The 32nd project listed cited, “Bank of China signed a digital currency cooperation memorandum with the First Bank of Abu Dhabi, and signed a global strategic cooperation memorandum with the Saudi International Electric Power and Water Company. The Industrial and Commercial Bank of China and the Hungarian Ministry of Economic Development signed a memorandum of understanding on cooperation.”

UAE FAB bank, (First Abu Dhabi Bank), recently announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.

This comes as China and the UAE work together on the CBDC Mbridge project which is supposed to launch its MVP (Minimum viable Product) form soon.

In addition the Central Bank of the UAE is also preparing for its on CBDC issuance which is expected sometime in 2024. The Central Bank of UAE as well as The Saudi Central Bank SAMA are working both with R3 on their CBDC projects.

The UAE Ministry of Finance hints to the launch of Digital Dirham CBDC soon

The UAE Ministry of Finance hints to the launch of Digital Dirham CBDC soon

In a recent LinkedIn post, the UAE Ministry of Finance praised Fintechs and technologies such as AI Big Data and Blockchain and their role in redefining payments stating in a video that the launch of digital dirham soon. The digital dirham project is the CBDC project being developed within the Central Bank of the UAE.

As per the post, “Fintech, the cutting-edge integration of digital technology into financial services is reshaping the future of finance. From AI to Big Data and blockchain, fintech innovations optimise investments and redefine payments.”

In the video the UAE Ministry of Finance states, “ The UAE has started its digital currency strategy and the digital dirham is on the way!”

In April 2023, it was announced that R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity. R3 will not only assist UAE’s Central Bank in developing a CBDC but also in tokenizing financial and non-financial activities, in addition to the digitalization of other financial services.

The Central Bank of UAE announced on March 23rd 2023 that it had commenced the implementation of its CBDC strategy in partnership with technology entities, UAE based G42 Cloud and Blockchain global solution provider R3. R3 then followed this with its own press release on April 4th 2023 explaining on the UAE Central Bank CBDC project including as well Clifford Chance who will be providing critical legal oversight for the strategy. 

Blockchain technology offers tremendous potential for the banking and financial services industry, and it’s estimated to create $3.1 trillion in new business value by 2030 across all sectors.

79% of those in financial services believe that blockchain and digital assets will be important to the industry over the next two years. 

It would seem that the UAE Ministry of Finance is preparing and readying the public for the launch of UAE’s CBDC the digital dirham, 

Algerian Central Bank to adopt CBDC for national currency

Algerian Central Bank to adopt CBDC for national currency

At the end of 2022 the Prime Minister of Algeria, Aimene Benabderrahmane announced that the Central Bank of Algeria is intending to adopt a national digital currency under the name of “Algerian digital dinar” as part of the digitalization of payments.

In his speech the Prime Minister stated, “One of the main workshops held at the Central Bank of Algeria, was under the theme digital payments that would allow the adoption of a digital form of money. It would ensure that the issuance, management and control of the digital currency, the Algerian digital dinar would be under the Central Bank.”

As reported by the Algeria Press Service these statements were made on the sidelines of the opening ceremony of the Central Banks Future Challenges conference organized by the Bank of Algeria.

“In the digital age, the need to strengthen the security and control of payment systems will undoubtedly be felt, new challenges that the Bank of Algeria must face”, added the Prime Minister.

Algeria has had a rough financial year in 2022. As per the World Bank Inflation remained high—9.4 percent year-on-year during the first nine months of 2022 which notably led by the global rise in food prices (which increased by 13.6 percent in Algeria). Poorer households being the most impacted. The Algerian authorities responded by intensifying measures to protect the purchasing power, primarily by increasing civil service salaries, introducing unemployment benefits for young first-time job seekers, and strengthening subsidies for basic foodstuffs.

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UAE Everdome metaverse receives 10 million USD to expand its offering

UAE Everdome metaverse receives 10 million USD to expand its offering

As UAE based Everdome, hyper realistic metaverse, prepared for the release of its Everdome Astro NFT collection which will be available for Genesis NFT holders, Everdome announced that GEM Digital Limited, a digital asset investment firm  invested 10 million USD in the company.

Everdome’s NFT collection will be the first metaverse wearable NFT inside Everdome.

Since June 2022, a total of 11,700 plots (97%) located throughout the Everdome metaverse were sold throughout an eight week auction experience. In total, plots were purchased for upwards of US$18.6 million, which is equivalent to 1,531,000,000 $DOME, Everdome’s own digital currency. The average price of a plot of land in Everdome was 130,000 $DOME.

Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation. At its discretion, Everdome has the ability to sell up to 200% of their average daily volume in Tokens across multiple exchanges to GEM Digital.

According to Rob Gryn, CEO and Founder of Everdome, the commitment from GEM will be used to strengthen Everdome’s offering and ensure future sustainability in the business. “We’re thrilled to partner with and achieve this investment commitment milestone with GEM, which confirms that we’re on the right track as we seek to push new boundaries in the metaverse. This is the perfect time for us to put our foot on the gas and really grow our product, which GEM’s investment commitment will help us to do. Everdome is in a very exciting place, and together with GEM we’ve taken the next step in order to build our metaverse ecosystem to the next level.”

GEM’s investment will be focused on team growth and metaverse technological expansion, and will see the game’s virtual reality (VR) capabilities set on a fast track. Funds will also go towards boosting marketing efforts, partnership enablement, and investments that will aid Everdome’s sustainable growth.

Set to launch in three phases throughout 2022, Everdome takes users on an immersive journey from Hatta in the UAE, which is widely viewed via rocket launches, to colonize Mars in Everdome City. The metaverse platform leverages cutting-edge 3D scanning technology and Epic Games’ Unreal Engine 5 to deliver state-of-the-art, photo-realistic graphics that will leave players wondering about the boundaries between gameplay and reality.