The innovative lights of digital assets have hit the UAE with another groundbreaking move. This time, the judiciary gets the energy to thrive in Web3 space. The Abu Dhabi Judicial Department (ADJD) has now started accepting AE Coin (AEC), the UAE’s stablecoin for judicial and legal fees, making it the first judicial government entity in MENA to accept stablecoins for payments! The landmark decision came out in a strategic collaboration with Abu Dhabi-based digital bank Al Maryah Bank (Mbank).
“This partnership reflects our commitment to continuously modernise the judicial ecosystem and legal services”, said Counsellor Yousef Saeed Al Abri, commenting on the new development.
For Omar Al Zaabi, Vice Chairman of Al Maryah Bank, the development marks “streamlining access to government services” and also “setting a benchmark for how technology can serve the public good in a secure and future-ready manner.”
AE Coin and Mbank dance with major developments
The UAE’s stablecoin is on cloud nine, both literally and figuratively. AE Coin’s current expansion into judicial payments recalls recent news on its use cases that filled in the digital sector across the country. Air Arabia, Sharjah’s budget-friendly airlines, has started accepting AE coin for booking flights, making it the first airline in the region to enable crypto payments. For this venture, the airlines have partnered with Mbank.
Abu Dhabi’s Tawasul Transport and Mbnak have recently enabled AE Coin payment for taxi rides. Passengers using only Tawasul taxis can proceed with the stablecoin.
As AE Coin is a stablecoin that maintains its value pegged to dirham, its stability, like other stablecoins, speaks a lot. Its shift from crypto niche to a real-world asset makes it more valuable in the eyes of crypto enthusiasts. The UAE’s innovative move towards digitalization seeks huge attention from companies across the world. With blockchain and crypto companies establishing their services in this land, the country is becoming more confident in turning crypto assets into Real-World Assets (RWA).
