UAE telecom operator e& pursues stablecoin adoption… collaborates with local bank
Summary
- UAE telecom operator e& is collaborating with Al Maryah Community Bank to pursue the introduction of stablecoins.
- e& is reviewing the possibility of integrating AE Coin into its payment infrastructure, and said customers could be able to pay various service fees, such as mobile phone bills, with stablecoins.
- AE Coin is a dirham-backed stablecoin with UAE Central Bank approval, and it said several steps are needed before actual large-scale adoption.
The United Arab Emirates (UAE) telecom operator e& is pursuing the introduction of stablecoins.
On the 11th (local time), Cointelegraph reported that e& signed a memorandum of understanding (MOU) with Al Maryah Community Bank (M Bank) to introduce stablecoins. Hatem Dowidar, e& chief executive officer (CEO), said, "(Stablecoins) enable instant payments, full transparency, and seamless accessibility."
Through this partnership, e& plans to determine whether it can integrate the stablecoin 'AE Coin' into its payment infrastructure. 'AE Coin' is a dirham-backed stablecoin approved by the UAE Central Bank (CBUAE). Cointelegraph reported, "As a pilot project, e& customers will be able to pay for mobile phone and household service bills, top up prepaid lines, and so on, using stablecoins."
e& is also considering integrating stablecoins into its e-commerce system. Cointelegraph said, "This move shows growing interest in blockchain within the financial system," adding, "(However) it is still an early-stage pilot, and several steps are needed before large-scale adoption."
The United Arab Emirates (UAE) telecom operator e& is pursuing the introduction of stablecoins.
On the 11th (local time), Cointelegraph reported that e& signed a memorandum of understanding (MOU) with Al Maryah Community Bank (M Bank) to introduce stablecoins. Hatem Dowidar, e& chief executive officer (CEO), said, "(Stablecoins) enable instant payments, full transparency, and seamless accessibility."
Through this partnership, e& plans to determine whether it can integrate the stablecoin 'AE Coin' into its payment infrastructure. 'AE Coin' is a dirham-backed stablecoin approved by the UAE Central Bank (CBUAE). Cointelegraph reported, "As a pilot project, e& customers will be able to pay for mobile phone and household service bills, top up prepaid lines, and so on, using stablecoins."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
