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UAE’s Emirates Airline Plans to Accept Bitcoin as a Payment Option

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According to the company’s chief operating officer (COO), Adel Ahmed Al-Redha, the UAE’s top airline, Emirates Airline, would soon accept “bitcoin as a payment option.” In addition, the airline’s website will feature non-fungible token (NFT) collections.

The airline’s intention to accept bitcoin comes only weeks after it announced its NFT and metaverse aspirations. The purpose of the metaverse launch might be to guarantee that the airline is “aligned with the UAE’s vision for the digital economy.”

Fly Emirates with Bitcoin soon

As part of its ambition to engage with consumers in a faster and more flexible manner, Emirates wants to adopt innovative digital technologies such as blockchain, metaverse, and cryptocurrency.

Emirates Chief Operating Officer Adel Ahmed Al-Redha told a media gathering at the Arabian Travel Market that the airline will recruit additional workers for metaverse and non-fungible tokens, commonly known as NFTs, in order to build apps to monitor consumer demands.

He said that NFT and metaverse are two different approaches. He also added that the airline would utilize blockchain technology to trace aircraft records.

“With the metaverse, you will be able to transform your whole processes whether it is in operation, training, sales on the website, or complete experience into a metaverse type application, but more importantly making it interactive.”

Emirates Chief Operating Officer Adel Ahmed Al-Redha

Emirates aims to use Bitcoin as a payment method and to sell NFT collectibles on the company’s websites, according to the official.

Al-Redha stated the airline sector had recovered well, as seen by the increased number of passengers. However, he noted that the greatest problem is the availability of resources across the network, but that they “are in a better position than other nations because of the accessibility.”

UAE with its recent developments aims to stand at the forefront of crypto adoption. The country has been very welcoming to digital assets and their underlying technology.

Kraken receives UAE’s nod to operate as a Regulated Crypto Exchange

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US-based crypto exchange Kraken has been granted a Financial Services Permission [FSP] license from the Abu Dhabi Global Market [ADGM] to operate as a regulated exchange platform in the United Arab Emirates [UAE].

For those unfamiliar, ADGM is a free zone for financial entities to do business in the UAE capital and provide services to users within the region. According to a press release, Kraken would cater to the needs of the Middle East and North Africa [MENA] region.

Kraken met all the required criteria from the Financial Services Regulatory Authority [FSRA] of ADGM to operate as a digital asset Multilateral Trading Facility [MTF] and Custodian in Abu Dhabi and the wider UAE, the release added.

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Elated over the development, Curtis Ting, Kraken’s managing director for Europe, the Middle East, and Africa, stated in an interview,

“We’re incredibly excited to be able to set up our operations right in the ADGM [Abu Dhabi Global Market] itself to operate a virtual asset platform that finally offers Dirham pairs for investors in the region.”

Kraken says this is a first-of-its-kind full-fledged financial license from ADGM which the trading platform aims to capitalize on by providing seamless access to cryptocurrencies through regulated funding, trading, and custodial services in the local currency dirhams.

In terms of why so many crypto firms are flocking to the region, Ronit Ghose, global head of fintech and digital at Citi cited “greater regulatory clarity” as the reason behind the influx of cryptocurrency businesses in Dubai and Abu Dhabi.

Kraken sees the UAE as one of the most lucrative markets

Kraken, founded in 2011, operates in over 60 nations, said the UAE launch marks its entry into an increasingly lucrative region. According to Chainalysis, the Middle East is one of the fastest-growing cryptocurrency markets in the world, making up 7% of global trading volumes.

The UAE transacts roughly $25 billion worth of cryptocurrency each year. It ranks third by volume in the region, behind Lebanon [about $26 billion] and Turkey [$132.4 billion] as per Chainalysis data studied between July 2020 and June 2021. 

With the latest approval, Kraken joins several exchanges setting up shop in the UAE amidst stricter rules and tighter regulations for crypto businesses worldwide.

Is UAE the last resort for sanction hit Russians to liquidate crypto?

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Heavily sanctioned Russians are now eyeing the United Arab Emirates or UAE to offload several billions of dollars of digital currency. According to a report, Crypto firms have been bombarded with a flurry of requests from individuals based in Russia seeking a ‘safe haven’ for their fortunes.

One executive from these firms told how they have been flooded with queries from several Swiss brokers asking to liquidate bitcoin worth billions of dollars fearing Switzerland would freeze their assets. The exec went on to add that each of the inquiries was for transactions of at least $2 billion.

“We’ve had like five or six in the past two weeks. None of them have come off yet; they’ve sort of fallen over at the last minute, which is not rare – but we’ve never had this much interest. We have one guy; I don’t know who he is, but he came through a broker and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia.”

As per sources, some clients are even resorting to using cryptocurrency to invest in real estate in the UAE, while others want to turn it into fiat and stash it elsewhere. This comes at a time after the EU blacklisted 160 Russian oligarchs in response to Russia’s military aggression against Ukraine.

Besides that, UAE’s close ties with Russia and its neutral stance in the ongoing crisis despite the majority siding with the western allies might have driven the increasingly isolated Russians to seek refuge for their fortunes in the West Asian nation.

UAE aiming to be a global crypto magnet

UAE has built its reputation as a growing crypto hub that has attracted the world’s ultra-rich individuals. Recently Dubai, the emirate’s financial center introduced crypto asset regulation joining the list of nations like Singapore, the US, the UK, El Salvador, etc.

Its ruler, Sheikh Mohammed Bin Rashid announced on 9th March that the emirate has enacted its first law on digital assets and has also formed an independent regulator to regulate the cryptocurrency sector.

The regulatory authority, the Dubai Virtual Assets Regulatory Authority [VARA] would be responsible for the growth of the virtual asset business environment in terms of regulation, licensing, and governance.

Dogecoin themed UAE burger joint will let you pay in crypto

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A new online-only restaurant in Dubai pays homage to the meme cryptocurrency Dogecoin (DOGE) with themed cuisine, packaging, and the possibility for customers to pay using cryptocurrency.

Doge Burger is a new virtual restaurant in Dubai, the United Arab Emirates’ most populated city.

The eatery bills itself as the “first online, Dogecoin-inspired e-commerce platform.” Rocket Kitchens, a virtual restaurant company, introduced Doge Burger. The chain’s first cryptocurrency-based hospitality idea is Doge Burger.

Burgers, chicken sandwiches, hot dogs, fries, and a variety of other foods are available at the restaurant. Some of the highlights in their menu include doge burger chicken, doge burger beef, and special hot doge.

Sandwich wraps include inscriptions like “HODL,” “Wen Lambo,” and “Satoshi Nakamoto,” the name of Bitcoin’s enigmatic founder. There are also various rocket ships and phrases like “to the moon” on the packaging.

Bitcoin BTC, Ethereum ETH, Binance Coin BNB, Crypto.com Coin CRO, Ripple XRP, Tether USDT, Shiba Inu SHIB, and Dogecoin are among the cryptocurrencies that may be used to pay for orders.

Dogecoin and its popularity among celebrities

Elon Musk, the CEO of Tesla, sent a tweet in January asking McDonald’s to accept DOGECOIN donations in exchange for him eating a Happy Meal on TV. Elon Musk’s statement was not only well-received, but numerous celebrities also weighed in to urge McDonald’s to embrace crypto payment options.

While Elon Musk’s initiative did not pan out as planned, another competing fast-food restaurant, MrBeast Burger, an American delivery-only fast-food chain founded by Jimmy Donaldson, gave Musk’s proposal a nod. If the meme-inspired coin received an RT, the corporation agreed to consider accepting it.

What is Doge Burger upto?

Doge Burger seeks to contribute to the UAE’s rising use of cryptocurrencies by accepting all major crypto coins. The creators invested in Dogecoin early on in its development and used the proceeds to completely support Doge Burger.

Doge Burger isn’t the first restaurant in the UAE to accept cryptocurrencies; several eateries began taking cryptocurrency payments as early as 2014.

The UAE appears to have been leaping into the future recently. MetaTerrace, a mixed-reality crypto club in the DIFC, has recently launched as a destination for Dubai’s blockchain community as well as nightlife fans.

UAE regulators signs deal with Dubai authorities to support crypto trading

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The UAE Securities and Commodities Authority approved a major deal with the Dubai World Trade Centre Authority [DWTCA] to encourage the trading of cryptocurrency assets in the free zone as the country continues to strengthen its digital economy.

Under the framework of the deal, the DWTCA will be able to issue the mandatory approvals and licenses to handle crypto assets-related financial activities. The initiative will also allow the Dubai authority to augment its existing business licenses, services, and incentives. On the other hand, SCA will manage important crypto-focussed activities, such as issuance, listing, trading as well as licensing processes.

UAE embracing blockchain to foster digital-led economy

Dr. Maryam Al Suwaidi, Acting CEO of SCA stated that the agreement comes in response to directives from Abdulla bin Touq Al Marri, who happens to be the Minister of Economy and SCA Board Chairman, in a bid to improve collaboration and exchange knowledge and expertise with different government departments, authorities, and institutions to work together and accomplish common objectives. The exec also added,

“The SCA will be responsible for the regulatory supervision of offering, issuing, trading and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control and investigate the licensed entities that operate within the free zone.”

This isn’t the first time that the two prominent UAE authorities have joined forces. Earlier in May, the DWTCA and the SCA had entered a similar agreement to spur the crypto industry development in the Dubai Airport Free Zone Authority.

While admitting that the UAE has been at the forefront of blockchain research and implementation, Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing [DTCM] revealed that the latest move is in line with the Emirates Blockchain Strategy. In addition to that, the Bitcoin Fund was listed on the Nasdaq Dubai exchange in June this year, marking the first of its kind to trade in the region.

Al Marri also touched upon the subject of increasing hype over non-fungible tokens [NFTs] and added that innovations such as this will play a crucial role in the future of commerce and that the DWTCA is exploring ways to provide a sustainable home for this ecosystem.

Saudi Arabia and UAE Join Hands to Conduct CBDC Experiment; Participants Include Six Major Banks

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Cryptocurrency developments across the world have captured the attention of several major institutions, with some governments taking the extra steps to adopt virtual currencies. This rapid growth was personified recently when Saudi Arabia and the United Arab Emirates announced a joint central banked digital currency [CBDC] experiment between the two countries.

On Monday, the two countries revealed details about Project Aber which was kick-started in 2018. During the transfer, both parties used a single CBDC issued by the central banks instead of separate currencies that need to be converted.

One of the major reasons why the single CBDC transfer worked is that both the UAE Dirham and the Saudi Riyal are pegged to the United States dollar, creating a common backing. The main idea behind the experiment was to show the rest of the world that the decentralized economy was fast approaching. The experiment used synthetic transactions instead of real money, a transition that is set to be in the pipeline.

According to reports, the difference in monetary policies also features as part of the discussion between Saudi and the UAE. Sources added that future projects include an instant settlement for capital market transactions, use of multiple currencies as well as delivery versus payment. A major advantage of the currency single CBDC setup was that it removed the need for Nostro accounts to be maintained by a separate commercial bank.

The two central banks were not the only participants of the experiment as they were joined by six other commercial institutions. The banks of Riyad, Al Rajhi, and Al Inma in Saudi and Dubai Islamic, First Abu Dhabi, and ENBD in the UAE were the banks that also tested their virtual assets mettle. The aforementioned banks were also brought in to discuss future plans of issuing a CBDC for a specific transfer and then redeeming it at the end.

Security was also discussed during the experiment as it was one of the most important characteristics to bring customers in. All the participants unanimously agreed that transactions need to be resilient no matter what the situation with the transmitter and receiver. If all goes well and good, experiments in the future would include more participants and a much larger transaction ecosystem.

WEF’s Blockchain Toolkit Helping UAE,Saudi Supplychain Issues Amid COVID-19

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Recently the World Economic Forum( WEF) released a robust Blockchain Deployment toolkit to guide organizations and businesses in developing and deploying a new blockchain solution.

The World Economic Forum, based in Cologny-Geneva, Switzerland, is an NGO that was founded in 1971 and is committed to improving the state of the world by involving business, academic, political and other social leaders to shape regional, global and industrial agendas.

The launching of the toolkit reflects a response to the economic turmoil generated by the COVID-19 virus spread. The pandemic has caused a crisis in the global supply chain and world shipping lines that have never been before seen. Organizations are moving rapidly to implement emerging technologies during the COVID-19 crisis, which has highlighted the need for both speed and clarity of implementation.

Abu Dhabi Digital Authority( ADDA), the Dubai Future Foundation and Saudi Aramco have recently launched Blockchain toolkit in collaboration with WEF to tackle the challenges posed by COVID 19 supply chain failures.

Dr Abdulla Al Kendi, Executive Director at ADDA for Technologies and Policies Sector, said the Blockchain toolkit helped his organization to move forward quickly on their implementation strategy.

“The toolkit provided a lot of objectivity when attempting to design a consortium. We were able to put our judgements and decisions aside to design the consortium,” he said in a press release.

Saudi Aramco, the world’s largest oil company, used the WEF toolkit to assist in the completion of two critical applications for supplier management and credential verification.

Khalfan Belhoul, CEO of Dubai Future Foundation, said: “Through the UAE Centre for the Fourth Industrial Revolution (C4IR UAE) we develop solutions to our current and future challenges and COVID-19 has shown us that there is a real and urgent need to accelerate the implementation of these technologies. The C4IR UAE has contributed to the World Economic Forum Blockchain for Supply Chain Toolkit.”

Etisalat and Noor Bank launch eWallet International Remittance Services in UAE to 200 Countries

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Etisalat and Noor Bank announced the launch of eWallet – an international remittance service that will allow financial transactions between UAE individuals and 200 countries worldwide.

The joint venture assured eWallet customers would be able to send money to relatives abroad in real time, in partnership with MoneyGram International, without having to visit a branch or go outside during the Covid 19 pandemic.

An eWallet consumer may either send funds directly to a recipient’s bank account or to a mobile wallet, depending on the destination of the recipient. Now eWallet customers can make real-time, international money transfers from their homes.

Transfers of money can now be made digitally to more than 350,000 locations, consisting of banks, counter agents and international mobile wallet operators in more than 200 countries and territories worldwide.

Ahmed Al Awadi, Chairman of eWallet, said, “eWallet continues to be an innovative solution that uplifts the way UAE residents conduct financial transactions today. We understand that in light of the current global situation, people are increasingly choosing to send money digitally from the comfort and safety of their homes. As people work to support their family and loved ones across the globe, we aim to enable them to safely and instantly remit money to over 200 countries and territories worldwide.”

Regulated and licensed by the UAE’s Central Bank, Like other mobile wallet services, eWallet is not contingent on having a bank account credit card or debit card to make digital payments.

All customers need to register for the eWallet account is a valid Emirates ID and a working UAE mobile phone.

UAE Launches Blockchain-Based Digital Platform To Improve Healthcare Services

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  • Ministry of Health and Prevention (MoHAP) launches UAE’s blockchain technology-based platform to store healthcare data.
  • Reports suggest that the MoHAP app will form an important part of incorporating Artificial Intelligence in the healthcare domain.
  • The MoHA will likely tackle all future challenges concerning data security and ensure smart healthcare.

The recent reports reveal that the UAE’s Ministry of Health and Prevention (MoHAP) is partnered with the Ministry of Presidential Affairs, Dubai Healthcare City, and other pertinent authorities to develop and launch a digital platform. It will be a blockchain technology-based platform to store the medical healthcare data as announced on 2nd February 2020.

UAE’s Blockchain-Based Health Data Storage Platform

The MoHAP is about to enter into a wider plan to incorporate Artificial Intelligence into healthcare services with this digital platform. Accordingly, the platform is trying to streamline the healthcare facilities in the UAE. In addition, this app will help all the medical professionals to enquire about any medication, manufacturer responsible to manufacture the medicines, substances used at the time of manufacturing, its official rate, agents who are approved by the authorities to sell particular medicine, and methods a user can incorporate to utilize the Medicines.

More so, MoHAP is confident that it will encourage medical tourism with the introduction of this app in the UAE since it will provide easy access to high-quality healthcare information to its users. 

Dr. Amin Hussein Al Amiri, assistant undersecretary of MoHAP’s public health policy and licenses said that this transition to AI Technology is in line with the directives. Following this, they are trying to make UAE a leader in the global model to proactively solve future challenges in the healthcare domain. Ensuing, the app is focussing on smart healthcare. According to him, this transition will improve & enhance the healthcare facilities and provide smart medical solutions, in accordance with the UAE Centennial 2071, and its artificial intelligence strategy.

He concluded his say on the new app mentioning that the MoHAP is strategizing to develop systems to provide the best smart electronic customer services, to achieve customer happiness and implement the standards of the Telecommunications Regulatory Authority and smart government enablers.

Dr. Lubna Al Shaali, Director of Public Health Policy Department, said,

“This blockchain-based platform would help secure an unchangeable, decentralized and encrypted database with high-security protection to verify data validity and reliability.”

While concluding, she said that this platform will improve data protection and provide information consistency to all its users. This will, in turn, provide a high level of transparency and trust in the healthcare services in the UAE.

Tron (TRX) makes it to leading UAE crypto exchange Adax

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What is Adax?

ADAX stands for Arab Digital Asset Exchange. It’s a cryptocurrency trading platform based in Dubai, United Arab Emirates and powered by Arabitzor Holdings, and it’s one of the leading exchanges in the Middle East.

The company aims to provide market technology tools, such as their online trading platform, for a rather extended list of digital assets from all around the planet. The company seems to believe that demand for cryptocurrency can only go up in the future and it wants to be one of the leading players when it happens.

Adax boasts the most advanced virtual trading room in the Arab world which is designed to enhance the user’s trading experience and, according to the company, it’s based on blockchain technology so it could be decentralized, but don’t quote us on that.

It’s no surprise at all that an advanced crypto exchange should be based in Dubai. After all, over recent years the city has become one of the world’s foremost financial hubs. That being said, developments in crypto that originate in the Middle East rarely get noticed compared to things that happen in, say, Asia or Europe.

Nevertheless, Adax is there, and it’s a player. With all the money that is always floating around that geopolitical zone, it’s merely a matter of time before the trading volume becomes enormous. And now there’s an additional reason for that.

Tron’s Tronix (TRX) joins the Adax platform

A couple of days ago, Adax announced the inclusion of Tron’s Tronix (TRX) cryptocurrency in its platform. The token will be available in three trading pairs: TRX/USDT, TRX/BTC, and TRX/ETH. The company’s official Twitter announcement was particularly enthusiastic, calling TRX one of the “leading digital assets listed.”

Tron’s leadership (headed by Justin Sun, the project’s founder and CEO) has been very consistent in getting TRX listed in many of the world’s most important cryptocurrency exchanges, which is very good for the project.

The more platforms that offer TRX trading pairs to customers, the easier it is to get ahold of some of Tron’s coins and join the endless fun that the Tron network offers, especially now that it’s become the world’s busiest decentralized applications network. And that will be nothing when, finally, the BitTorrent network is merged with Tron’s network and blockchain.

There’s another advantage for TRX (or any other digital asset) in being listed in as many exchanges as possible, and that is trade volume. In crypto, as well as in Forex, the stock market or the commodities market, higher trading volumes support the asset’s prize by creating additional demand thus strengthening its fundamentals.

And strong fundamentals are the only way in which cryptocurrencies will stop being slaves to sheer speculative forces. Just as important, strong fundamentals will be one of the exit doors from the current crypto winter, which has lasted for more than 15 months so far.

And Tron has an additional advantage: it has a very bullish community which is very interested in supporting the token. Many Tron-based projects are issuing their own tokens which are based in Tron’s token technologies and are tradeable for TRX, and they all have clear use cases within the Tron network from gambling and having some fun to paying for advertising.

Tron keeps growing. The token’s price hasn’t been precisely peachy over the last few days, but keep an eye out for it anyway. Tron is a useful project with clear aims and, sooner or later, the token’s price will reflect that.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.