Dubai on track to adopt digital currencies

Dubai is on the right track by adopting the digital currencies as the increasing number of firms taking benefits of simplifies global trade through digital coins. The recent approval of Circle Internet Group's USD Coin (USDC) and Euro Coin (EURC) as recognized crypto tokens in the Dubai International Financial Centre (DIFC) is a step ahead.

This was stated by Lluis Mas, Chairman of Belobaba while talking to media in Dubai and added that “Dubai’s reputation as a global leader in blockchain and fintech adoption is strengthen as over 6,000 firms in the DIFC can now incorporate USDC and EURC into their operations which can boost confidence in digital finance by ensuring regulatory oversight.”

He further mentioned that “many digital currencies come with a bit of instability because they are volatile and unpredictable. That’s not the case with Stablecoins like USDC and EURC. These currencies have ties to stable assets, like the US dollar or the euro. This makes them more reliable than other cryptocurrencies,” he added.

He mentioned that through these tokens, one can make global payments with ease, low charges and the best part is that people can use Stablecoins for daily transactions as well.

Luis Mas mentioned that many countries now using Stablecoins, and the results are promising. “Stablecoins provide a secure store of value for regions experiencing high inflation. In the meantime, governments are modifying their policies to take advantage of the benefits and ensure adherence.”

“As Stablecoins become more mainstream in the UAE’s financial ecosystem, they can unlock new opportunities for businesses and individuals alike. By simplifying payments and encouraging innovation, Stablecoins could be the key to making Dubai a leader in global digital finance,” he said.

In case of UAE, businesses and individuals can now enjoy quicker, more secure digital transactions while it encourages foreign investments and attracts global fintech companies to set up their businesses in Dubai. This step brings the UAE closer to becoming a digital finance powerhouse, setting an example for other nations to follow.