Egypt is in the top five nations globally in terms of remittance flows from ex-pat communities.
The project will explore the capabilities of a DLT-based central bank digital currency in regional payments.
The free zone accepts payments in bitcoin, ether and the tether stablecoin.
A joint Saudi and UAE CBDC pilot found that a distributed payment system offers “significant improvement over centralized payment systems.”
BitOasis has secured an in-principle approval, taking it one step closer to offering a regulated crypto exchange to the Middle East.
South Korean cryptocurrency exchange Bithumb plans to expand in the Middle East, starting with a licensed exchange in the UAE.
Remittance firms UAE Exchange and Unimoni now offer blockchain-based payments to Thailand using RippleNet.
Saudi Arabia and the United Arab Emirates are hoping a shared digital currency can cut remittance costs between the two countries.
Abu Dhabi-based money transmitter UAE Exchange is working with Ripple to launch blockchain remittances to Asia early next year.
An Abu Dhabi financial center and KPMG say they have successfully completed a trial of a blockchain-based know-your-customer application.
The U.A.E. plans to introduce regulations that would permit initial coin offerings to be used as a means of fundraising for domestic companies.
Energy markets data provider S&P Global Platts has announced the commercial deployment of a blockchain network for sharing oil inventories.
A financial regulator in the UAE has issued a warning to investors on the risks of participating in token sale activities.
Embracing change might not be easy for governments, but it can be done, according to the head of Dubai's ambitious blockchain agenda.
The central banks of the United Arab Emirates and Saudi Arabia are reportedly testing a new cryptocurrency for cross-border payments.