United Arab Emirates to Issue its First NFT-Backed Stamps

The United Arab Emirates, through the Emirates Post Group (EPG), is set to launch the region’s first Non-Fungible Token-backed postage stamps.

As reported by TradeArabia, the NFT-backed postage stamps will be officially launched by Thursday, December 2. According to the EPG, the NFTs will have a dual identity, one as an NFT and the other as a physical card linkage.

The EPG said the NFTs would be tradable, and their significance revolves around the postage stamps’ central themes. With a total of 4 stamps billed to be released, the first crypto stamp, “the Golden Jubilee 2021,” is said to be a premium edition containing 1 gram of fine gold. The second stamp is dubbed the “Spirit of the Union – 1971”, symbolizing the nation’s establishment by the founding fathers. Furthermore, the third stamp is “Year of the 50th – 2021”, and the fourth is “Projects of the 50th 2071”, representing the UAE’s futuristic vision. 

Abdulla Mohammed Alashram, the Group CEO of Emirates Post Group, talked about their development and said:

“In line with EPG’s goal of transforming into a more digital-centred company, we are proud to announce the launch of the first NFT stamp in the region, which utilises blockchain technology. By introducing tradable NFT stamps, we are bridging the gap between traditional stamps and the world of digital cryptocurrency.”

The launch of the crypto stamps is a new avenue for the UAE to ascertain its futuristic tech drive. With the physical and digital versions linked by a cryptographic QR code, points of flaws in postage issuance are future sutured, giving an added level of security to the venture. 

While several countries are still contemplating their modalities for backing some innovative offshoots of blockchain technology, like NFTs, which has drawn attention from various global brands, the UAE’s lead may serve as a standard for other countries within the Arab region.

Image source: Shutterstock


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UAE Rolls Out Blockchain-Powered Trade Finance Platform to Fight Fraud

The United Arab Emirates (UAE) has launched a blockchain-enabled trade finance platform dubbed UAE Trade Connect to curb economic crimes like money laundering, under-invoicing, and fraud.

Revamping the trade finance space

Telecom giant Etisalat has joined forces with a consortium of seven leading local banks like the First Abu Dhabi Bank (FAB) to roll out the blockchain-powered platform. More banks are expected to sign up.

According to Zulqarnain Javaid, an Etisalat official:

“UAE Trade Connect will be a game changer for the trade finance space.”

The blockchain-based system has taken two years for it to be actualized, including six months of trials. The UAE Central Bank’s fintech division was part of the steering committee mandated with overseeing the project.

Boosting fraud detection

As per the announcement:

“The platform is primarily into fraud detection within the trade finance space, but the promoters expect it to evolve into handling trade-based money laundering or sanctions busting. And at a later date, get into e-invoicing.”

Javaid noted that the UAE Trade Connect had the capability of handling bank guarantees, letters of credit, and bills of lading, which entailed working closely with governments, custom authorities, and ports. 

The UAE continues showing its support for the blockchain and crypto sector. For instance, following a memorandum of understanding (MoU) between the Dubai Multi-Commodities Centre (DMCC) Free Zone and the Securities and Commodities Authority (SCA), crypto businesses were granted the liberty to operate in DMCC last month. 

The strategic agreement was intended to foster growth and development in this sector by bringing the world’s leading blockchain and cryptographic technologies’ ecosystem to Dubai. 

In August 2020, the DMCC established a blockchain-based agri-commodity trading and sourcing platform dubbed Agriota E-Marketplace to link millions of Indian rural farmers with the UAE food sector.

One of its primary objectives entailed giving the farmers a competitive edge by availing blockchain-powered solutions when eliminating intermediaries and the timely access of the marketplace. 

Image source: Shutterstock


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Central Banks of UAE and Saudi Arabia Say CBDCs are More Efficient and Can Preserve Privacy

The conclusion of Project Aber and subsequent review by the Central Banks of the Kingdom of Saudi Arabia (Saudi Arabian Monetary Authority) and the United Arab Emirates (CBUAE) shows that Distributed Ledger Technology (DLT) can improve remittance and satisfy privacy demands despite it being technically untenable, a joint report on Nov 28 reveals. Objectives of Project Aber

Read MoreRead More. The post by Dalmas Ngetich appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News


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