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The United Arab Emirates chase crypto and blockchain adoption
Dubai Financial Services Authority announced its decision to work on a holistic crypto regulatory framework as part of its 2021 business plan.
The UAE and Saudi Arabia are reportedly working on a joint central bank digital currency research initiative that has been dubbed “Project Aber.”
Commenting on why the UAE is fast becoming the destination of choice for some crypto/blockchain startups, Mazdak Rafaty, managing partner for Ludwar International Consulting FZC, told Cointelegraph:
“If you ask anyone from the tech and startup sector anywhere in the world about the speed of regulations of the authorities, you will get the same answer: ‘It could definitely be faster.’ However, UAE has always been a pioneer in the adoption of new technologies and building support regulatory frameworks for their development.”
The UAE already has the base and The UAE regulatory difference
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State Bank of India joins JPMorgan’s blockchain payments network
The State Bank of India, or SBI, a major Indian government-owned bank, is looking to improve cross-border payments with a blockchain solution by American investment bank JPMorgan Chase.
By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers.SBI deputy managing director Venkat Nageswar said that the bank has already gone live on Liink. “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JPMorgan on implementation and exploring applications as part of the network to better serve our clients,” Nageswar stated.
Liink is a peer-to-peer network and ecosystem operating under the umbrella of JPMorgan’s blockchain and digital currency-focused business dubbed “Onyx.” Piloted in 2017, the product was originally referred to as Interbank Information Network and rebranded as Liink in October 2020.
The Liink solution has enlisted more than 400 financial institutions and corporations in 78 countries, including 27 of the world’s top 50 banks. The network has around 100 live banks on the network, including both state-owned and private institutions, according to The Economic Times.
Air France pilots blockchain-based COVID-19 travel system
Beginning March 11, Air France will begin the pilot test of the ICC AOKpass system developed by MedAire and the International SOS. The ICC AOKpass is an app that travelers can install on their smartphones that contains a secure record of their COVID-19 test results from approved labs.
With the app, travelers need not present a paper test result, as the ICC AOKpass will serve as a secure form of verification of the user’s COVID-19 negative status.According to an announcement on Tuesday, the test will run for four weeks and will cover only the Paris CDG-Pointe-a-Pitre and Paris CDG-Fort-de-France route.
Commenting on the need for digital innovation in the travel sector amid the coronavirus pandemic, Catherine Villar, director of customer experience at Air France, stated:
“The test of the AOKpass solution is fully in line with this framework and the process initiated by the establishment of the Air France Protect label. We are convinced that the changes we are going through collectively will change the journey in the long term and are committed to supporting all innovation projects that can help us meet these new challenges.”
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