All About ArabCoin Cryptocurrency!
While at a slower pace, Arab countries have started to understand the extraordinary potential of cryptocurrency and the way this new technology could help them make faster, safer, and more affordable financial transactions. The UAE has partnered up with Saudi Arabia and decided to adopt Fintech, which is a fresh technology whose purpose is to deliver financial services while competing against standard financial solutions. The two countries have also decided upon the launch of a shared virtual currency (“Aber”) that would simplify the completion of a number of important financial transactions between the two states. This is the effect of the global trends of embracing cryptocurrency technologies and their effects on those nations that have managed t create the right financial and political framework for it.
The Strategy of Resolve
The two countries have made the decision to partner up and create this cryptocurrency during a reunion of sixteen members from both countries that have been held in Abu Dhabi. All members worked hard at the Strategy of Resolve, which is the official document that displays the seven initiatives that have been discussed and agreed upon during the meeting. Among them, we can mention special financial awareness training for the younger population of the two countries, along with the virtual currency that would cross the borders and help ease transactions. The cryptocurrency would exclusively target banks and it would be used to gain a deeper understanding of all the effects of using blockchain technologies while simplifying payments between the two states. The same initiative would also assess the effects of this type of central currency on the financial policies of EAU and Saudi Arabia.
The Arab Coin In Dubai
The ArabCoin is a cryptocurrency issued by DUCCX, which is a licensed trader of cryptocurrency located in Dubai. The virtual currency is a fully independent and decentralized cryptocurrency that relies on the open-source mechanism and its role is to support the Arab world along with the Islamic Finance community. The digital token is also meant to represent Arab countries as a global player in the universe of global cryptocurrencies. The ArabCoin is expected to become a leader in the sea of virtual currencies at an international level.
The name was selected in an attempt to remind the Arab people of their impressive past and the way they brought their contribution to Western civilization. The idea behind this virtual coin is for the Arab world to, once again, bring its contribution to the spirit of peace and unity into the world.
Similar to other types of cryptocurrency used worldwide, ArabCoin is a peer-to-peer web currency that enables users to make direct payments without having to worry about finding the banking institutions and other industry bodies for it. This means all money transactions would be a lot more affordable for the private sector as well as international merchants.
The new Arab coin is also open source as well as fully decentralized, which means there is no bank or other central authority needed to oversee its operations. All transactions are completely recorded online and checked in public ledgers, which ensures their full safety and transparency. Businesses and websites within various industries around the Arabic region have started to pay attention to the development of the ArabCoin. Even the gaming industry where Bitcoin first got introduced before it became the world's speculate if the Arab Coin one day will be listed alongside other digital currencies at online casinos. As mentioned by CasinoElarab, cryptocurrencies are considered one of the safest deposit methods for gamblers in countries where gambling for money is prohibited. No other currency can provide the same level of privacy as cryptocurrency.
Faster Cross-Border Transactions Between Saudi Arabia And EAU
In an attempt to better protect the interests of customers while creating higher technology standards, both the Saudi Arabian Monetary Authority and the central bank of the UAE have decided to issue the digital currency that could be exclusively used for transactions across the borders. The two bodies also carefully assessed the cybersecurity perils and risks associated with the use of the new currency. They also worked at establishing the impact of this type of central currencies on monetary policies.
The United Arab Emirates also expressed its openness to join the list of top countries for blockchain businesses thanks to the new opportunities created by the cryptocurrency legal framework.
The ArabCoin will be managed and monitored by MBM-AC FZCO, which is a joint venture of the Private Office of Sheikh Maktoum Bin Juma Al Maktoum and other independent shareholders. The joint venture was established founded in 2017 and its goal is to create the framework for the first regulated crypto commodities exchange in Dubai, as well as to show their support for the use of the ArabCoin as a liquidity token in the Arab world. We believe the Arab Coin will continue to move forward during 2020.
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