Abu Dhabi has introduced a new initiative for people commuting through taxis called “AE coin Abu Dhabi”. Moreover, it is developed to empower the taxi payment. It allows you to pay taxi drivers using this online currency. The move is a smart move by Abu Dhabi towards Web3 adoption in public services.
In this post, you are going to learn about the in-depth guide related to this cryptocurrency. In addition, we will provide you with the steps to use this digital currency. So, get ready yourself to explore the world of transformation in the UAE with AE coin.
What Is AE Coin Abu Dhabi?
It is a stablecoin backed 1:1 by the United Arab Emirates (UAE) Dirham. Moreover, this initiative ensures price stability and unpredictability that matches the cryptocurrencies. In addition, the coin is aimed at offering an instant and secure way of payment for everyday use.
The AE coin operates under the Central Bank of the UAE (CBUAE) payment token regulation service because a reserve held within the UAE fully supports the coin. Therefore, it mandates strict reserve, security, and regulatory requirements.
You are now able to pay for their taxi rides using the AE coin with the help of the AED Wallet App across all Tawasul taxis in Abu Dhabi. Moreover, it is the first time anywhere in the world that a stablecoin is being used in the UAE for public transport.
Easy, Secure Taxi Payments with AE Coin
The AEE Coin Abu Dhabi has paved the way for making payments in a secure and easy way because you can simply scan the QR code located inside the vehicle to complete your journey. As we told you before, you need to make the payment through the AE coin using the AEC wallet.
The AEC wallet is easily accessible. You can download it on the App Store, Huawei App Gallery, and Google Play Store. The AEC wallet facilitates quick and low-cost transactions with robust security features. Moreover, the new system supports the city’s goal for digital growth. Furthermore, it helps strengthen the role of the emirate as a key leader in the fintech and smart transport sectors.
Tawasul Transport’s General Manager, “Mr. Ghena Jbour,” said that the move serves as a model of the effective alliances between all entities trying for the ongoing development under the integrated transport system. It empowers the position of the UAE in innovation and digital transformation in the transportation industry.
He also said that the use of this coin shows the commitment of the nation to a future-ready financial solution. Moreover, the solution is a mixture of sustainability, ease of use, and technology.
Institutional and Retail Adoption of the AE coin
The use of this revolutionary coin is not restricted to the taxis. The expansion of this coin payment is already underway in sectors like e-commerce, retail, and other transportation services in the UAE. It demonstrates the intention of country to go to a cashless and digital economy.
The users will be able to buy and sell it without any doubt because it is backed by the Dirham. Moreover, you will be able to perform transactions with transparency, besides the security and efficiency that blockchain offers.
MBank’s CEO, “Mr. Mohammed Wassim Khayata”, says that the AE coin is not a basic digital currency, but the coin is an essential element of the new financial infrastructure in the UAE. In addition, it includes stability and compliance with real-time transactions. Moreover, he said that such a collaboration is going to add a better future for digital shopping in the nation.
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