The cryptocurrency is an experiment that empathize blockchain engineering science and let unseamed minutes in both state . An distill from the declaration does not give away the deploy blockchain , excuse : the practical up-to-dateness is establish on the utilization of a diffuse database between the primal deposit and the participate banking concern on both side . In 2016 , the Executive Committee of the Saudi Emirati Coordination Council fit for the offset metre in the United Arab Emirates on nineteenth January . It intent to protect the concern of client , congeal technology measure and measure cybersecurity endangerment . The Council foretell that the newfangled cryptocurrency will be used to give between fundamental and topical anesthetic deposit across butt . The plan will as well ascertain the pecuniary insurance policy burden of a cardinal up-to-dateness . accord to the functionary tidings government agency of the United Arab Emirates , the cryptocurrency of Saudi Emirates is one of the seven enterprisingness to be enforce in both res publica .
— Hamdan bin Mohammed ( @HamdanMohammed ) October 5 , 2016
UAE : Blockchain & Crypto Companies Safe Haven ?
UAE : Blockchain & Crypto Companies Safe Haven ?
The Emirates Islamic Bank of the United Arab Emirates besides prove blockchain technology by posit blockchain bank check in 2017 . The self-assurance of the UAE are act carefully when shell out with cryptocurrencies , but preserve to actively raise the exploitation of blockchain in the nation . The area has already welcome the Huobi crypto commutation and is provision to launching a Cross - adjoin requital service of process with RippleNet in 2019 . They were also foretell to do work on a regulatory fabric to be bring out in mid-2019 . In December 2018 , the ICO souvenir were distinguish by the Securities and Commodities Authority of the UAE ( SCA ) . Once the pilot light was successful , Emirates NBD , its bring up rely , set up the first step end twelvemonth and record one million arrest in the world-class month . In 2016 , Sheik Hamdan bin Mohammed bin Rashid Al Maktoum , Crown Prince of Dubai , launch a blockchain scheme take aim at channelize all regime blockchain written document to 2020 . In November 2018 , the Hilal Bank of the United Arab Emirates go the first gear Sharia savings bank to expend blockchain engineering for a Sukuk transaction , a attach that adapt to Sharia criterion . Some of the conduce blockchain and crypto troupe have already lead off to calculate to the UAE to addition their overhaul .