The Abu Dhabi Judicial Department (ADJD) has implemented the use of digital currency to pay for judicial and legal fees in partnership with Al Maryah Bank.
Partnership with Al Maryah Bank
ADJD has become the first governmental entity in the Middle East to accept AED stablecoin, AE Coin, for court-related transactions. This move is in line with the UAE's strategy to establish a digital economy and simplify government payments.
His Excellency Counsellor Yousef Saeed Al Abri, Undersecretary of the ADJD, emphasized that this step aligns with the vision of His Highness Sheikh Mansour bin Zayed Al Nahyan to build a modern and innovative judicial system.
Development of AE Coin
AE Coin continues to grow its utility within the UAE through various partnerships. Recently, the Abu Dhabi Transport Department and municipal entities began accepting AE Coin for fare payments via the Mbank AEC Wallet app. Among other partners is Air Arabia, which has started accepting AE Coin for flight bookings.
Ramez Rafiq, General Manager of IED Stablecoin, the firm behind AE Coin, noted that this stablecoin was developed as a secure and efficient digital payment solution tailored for the UAE.
Future of Digital Currencies in UAE
30% of the UAE population are cryptocurrency owners, indicating the country's readiness to use cryptocurrencies and stablecoins for payments. More AED-backed stablecoins are expected to be launched in the UAE, and the Central Bank of the UAE plans to unveil its central bank digital currency by the end of the year.
Thus, the adoption of AE Coin for judicial fee payments underscores the UAE's shift towards digital technologies and reinforces the trust in stablecoins as a crucial component of the country's financial infrastructure.
