The Middle East undertakes blockchain’s accommodation and promotion

DEWA, Dubai Electricity, and Water Authority revealed the visit of 20 Emiratis to the People’s Republic of China. The group was a part of the ‘Ambassadors of Innovation – Leaders of the Future’ program. The visit followed the success of the first initiative by DEWA where it sent 20 orphan students for an educational trip in Singapore.

The program executed by DEWA along with the Watani Al Emarat Foundation assisted the efforts to empower the youth through innovation and creativity by UAE. The innovation program included Artificial Intelligence systems, storage technologies, 5G network technologies, Blockchain, and many more as the topics of the training. The groups participated in the AI and blockchain workshops.

Blockchain and Middle-East

CBB issued its first crypto exchange license

The Central Bank of Bahrain recently issued the Crypto-Asset Module (CAM) license to Rain, a Bahrain based crypto exchange firm. Rain marked to be the first exchange of cryptocurrency to attain a license in the Middle-East.

Global Blockchain enhancement by the UAE

On July 15, UAE Trade Connect (UTC), a nationwide blockchain trade finance platform was brought to light by Etisalat Digital. It was developed in collaboration with the First Abu Dhabi Bank (FAB) and Avanza innovations. The main aim behind is to digitize the trade through Blockchains, which can prevent invoice swindle. It will not only favor Blockchain but also extend Artificial Intelligence in the UAE. Etisalat is one of the most significant divisions of telecoms in the MENA region and a member of the Carrier Blockchain Study Group.

MoU signed by DCCI to ascend Blockchain trade

The Dubai Chamber of Commerce and Industry (DCCI) signed a Memorandum of Understanding (MoU) with the International Chamber of Commerce (ICC) and Perlin, a Singapore based Blockchain startup. DCCI has initiated the treaty to advance the Blockchain trade solutions and is the first in the world to offer Blockchain tools. As per the memorandum, the chamber earns the sole rights to provide Centre of Future Trade (CoFT) blockchain trading solutions in the Middle-East and Africa.

DCCI also launched the Digital Silk Road platform, which intends to apply blockchain tech to exclude vital vulnerabilities in the global trading system.

The Dubai Land Department and telecoms firm Etisalat signed an MoU to apply Blockchain and smart government measures to introduce paperless administration and digital deals for real estate transactions.

Abu Dhabi Global Markets to be a global crypto hub.

With the growth of digital currency, the use of blockchain technology is achieving new heights all and sundry, all around the globe. The cryptocurrencies are on their path to accelerate financial innovations and inclusions. With this, the Abu Dhabi Global Markets (ADGM) are all set to grow into the global crypto-asset hub. Companies are lined up to get licensed for the trade of virtual currencies like Bitcoin and Ripple, involving the usage of Blockchain.

“The ADGM could also become a hub for international and local companies to carry out international coin offerings (ICOs), something that could help create deal flow and liquidity for ADGM-licensed exchanges while creating capital raising opportunities for local companies,” said Modi.

Flinos commented, “As [the ADGM] continues to have success, that’s a discussion we won’t need to have as often because the ADGM will become a household name when it comes to digital currency regulation.”

Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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