However, the move in Africa comes shortly after another significant event for the company: Ripple has recently reached an agreement with the SEC of the United States, agreeing to pay a reduced penalty of 50 million dollars and withdrawing its appeal in the long legal dispute related to the sale of the XRP token.
The SEC, in return, requested the removal of the injunction that prevented Ripple from selling XRP to institutional investors.
This recent legal development highlights the growing importance of regulatory clarity in the cryptocurrency sector, especially at a time when blockchain and digital finance are gaining a primary role in global economic inclusion strategies.
The new agreement between Ripple and Chipper Cash also has potential repercussions for regulation and the financial industry in Africa. In particular, it could push regulators to review old regulatory models to foster a competitive environment that encourages financial innovations based on digital technologies.
The introduction of more agile and transparent infrastructures could thus facilitate access to global markets, improve liquidity for micro and small enterprises, and strengthen the economic resilience of local communities.
Dubai accelerates on stablecoin
Not only Abu Dhabi, but also Dubai is strengthening its position in the cryptocurrency sector. In February 2024, the city approved the stablecoin USDC and EURC, which have become the first two regulated stable cryptocurrencies in the local market. This choice demonstrates the openness of the United Arab Emirates towards the blockchain sector and the willingness to provide a clear and favorable regulatory framework for investors.
Fidelity moreover entered the crypto market even before BlackRock, and launched the second largest ETF on Bitcoin in the world, still behind that of BlackRock.
It is not a coincidence that the Fidelity Treasury Digital Liquidity Fund looks very similar to the BlackRock USD Institutional Digital Liquidity Fund.
These are two major American financial companies that are also competing in the crypto markets, as well as in the traditional markets that they dominate globally.
Digital identity and security in payments
World Network is based on iris-scanning biometric technology, already at the center of numerous discussions on privacy and digital identity. This system allows for the creation of a unique biometric ID, which could ensure secure transactions by eliminating the need for traditional intermediaries. When combined with the crypto wallet, this technology would offer a level of security and personalization that few other services can match.
The integration of these financial instruments with biometric ID could represent a significant step forward in the management of digital identity and security in crypto payments. However, several questions remain about how World Network will address concerns related to the protection of personal data.
In this regard, S.E. Khaled Mohamed Balama, Governor of the CBUAE, stated:
“We are proud to present today the new symbol of the UAE’s national currency, the “Dirham”, both in its physical and digital form, and the design of the digital Dirham wallet. This reflects the significant progress in the implementation of the Digital Dirham program and a step forward towards achieving the objectives of the CBUAE. The Digital Dirham, as a blockchain-based platform with cutting-edge capabilities, is expected to substantially enhance financial stability, inclusion, resilience, and the fight against financial crime. It will also enable the development of innovative digital products and services and new business models, while reducing costs and increasing access to international markets.”
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